The Dallas Cowboys owner Jerry Jones has long resisted the idea of outside ownership, but after the NFL opened the door for private equity investments, Jones revealed he would be open to partnering with one billionaire he believes shares the franchise's vision.

Entrepreneur Mark Cuban has been identified as a primary candidate, with Jones citing his respect for Cuban’s business acumen and passion for the game as key reasons for his openness.

“That’s exactly why, if you’re me, you would be open to that, is because of the man,” Jones said, according to Calvin Watkins of The Dallas Morning News. “I have all the respect in the world for him, and I know what he did for the Mavericks and what he’s done for basketball.”

Cuban also expressed similar interest, saying that he is “sure our Harbinger Fund would be open to it”, in a brief email exchange with The Dallas Morning News about securing a part of the Cowboys franchise.

“He’s in additional to financial boatstreams of your team; you want to associate with the highest quality of [a person] who loves the game and then also at the same time wants to do something about it,” Jones said according to Calvin Watkins of the Dallas Morning News. “Mark leads the way in that.” 

Cuban secured a minority stake in the Las Vegas Athletics of Major League Baseball (MLB) through Harbinger Sports Partners in July, targeting markets with high tourism and non-game day revenue potential. Cuban is part of the newly launched $750 million private equity fund.

The billionaire entrepreneur ($6 billion net worth) also retains a 27% minority stake in the Dallas Mavericks (NBA) after selling his controlling interest to the Adelson family in 2023.

Jones has elevated the franchise value by more than 9,000% since purchasing the team for $140 million in 1989. Now, the Cowboys remain the NFL's most valuable franchise, with an estimated valuation of $13 billion, according to Forbes.

In that case, the private equity money could be used to upgrade stadiums, improve training facilities, or support other team projects.

While the Cowboys are not actively pursuing a minority ownership deal, Jones' confidence and Cuban's interest suggest the partnership could be possible if the franchise ever decides to move in that direction.

Could the Cowboys sell a stake? Stephen Jones weighs in

During his recent appearance on the 105.3 The Fan in Dallas podcast on August 1, the Cowboys COO Stephen Jones did not rule out the possibility of the franchise seeking a minority option, as any private equity firm could hold a 10% stake in a single NFL team.

“We wouldn’t rule it out, but we’d also be very particular in who we would bring in as a partner in terms of that,” Jones said during an episode of the 105.3 The Fan in Dallas podcast on August 1. “...I think it makes the league stronger, personally. Certainly it’s not something we would ever totally rule out, but I wouldn’t say anything is on the front burner either.” 

Since the NFL allowed PE funding in August 2024, few teams have signed private equity deals, including the Miami Dolphins ( with Ares Management), Buffalo Bills and Los Angeles Chargers (with Arctos Partners), and the New York Giants (with Julia Koch and her family).

With no imminent deal on the horizon, Jones believes the NFL's minority ownership approach gives teams another valuable tool for long-term growth.

Do you agree with Stephen Jones that minority ownership can strengthen NFL franchises? Let us know your thoughts below.

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Written by

Archana Ramakrishnan

Edited by

Soheli Tarafdar