The Dallas Cowboys have remained the NFL's most valuable franchise since owner Jerry Jones purchased the team in 1989. Now, Vice President Stephen Jones says the organization is not closing the door on the possibility of bringing in minority ownership partners in the future.

During his appearance on 105.3 The Fan in Dallas podcast, Jones did not hesitate to be upfront about his opinion on selling minority stakes of the franchise.

"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. “But yes, it was designed when we passed that rule that you could have private equity involved in the NFL, and you could have minority partners. It made sense for a lot of different reasons.”

The NFL approved a rule in August 2024 that allows franchises to sell up to 10% of their equity to a selected group of private equity firms.

The Cowboys are currently at the top of the NFL team value market with $13 billion (as of August 2025) and an operating profit of $629 million. According to Forbes, the Cowboys have an estimated revenue of $1.2 billion during the 2024 season, which is $500 million above other NFL teams. 

“Every owner who chooses to go that path can speak for themselves in terms of why they're doing it, but I think it's a great tool,” Jones said during the same episode of the K&C Masterpiece segment of 105.3 The Fan 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." 

In the league, only a few teams have executed private equity deals, including the Miami Dolphins (Ares Management), Buffalo Bills and Los Angeles Chargers (invested by Arctos Partners), and the New York Giants, which sold a minority stake to Julia Koch and her family. 

Jones believes the PE funding is a “great tool” as the approved firms can buy 3-10% stakes, holding them for a minimum of six years, with no voting or decision-making power on the board. 

Meanwhile, Jones also expressed the team's intent on adding more defensive pieces to the roster.

Stephen Jones signals Cowboys' willingness to make bold move for defensive help

Jones said the franchise is currently exploring ways to add more strength to the defense before the regular season begins.

"We've got several things that we're considering right now, some of it trades, some of it signing guys," Jones said in the same podcast. "A lot of these older players who have still got some tread on the tires can come in here and help you. It may come in the form of a trade; it may come in the form of a veteran signing as you move into camp."

Jones made it clear the Cowboys' roster is far from finalized, emphasizing that the front office will continue exploring every opportunity to strengthen the team throughout the year.

Do you agree with Stephen Jones' willingness to explore both minority ownership and more defensive additions? Let us know your thoughts

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Written by

Archana Ramakrishnan

Edited by

Soheli Tarafdar