The Dallas Cowboys not only are the NFL's most valuable franchise for the 11th straight year, they are the top-valued team in the world.
According to Forbes magazine, the Cowboys' worth increased 14 percent in the last year, reaching $4.8 billion. That's more than $1 billion ahead of the New England Patriots ($3.7 billion).
The Indianapolis Colts are ranked 20th on the list with a worth of $2.375 billion, up 9 percent from a year ago. Forbes said the Colts have annual revenue of $360 million and operating income of $78 million.
Rounding out the NFL's top five are the New York Giants ($3.3 billion), Washington Redskins ($3.1 billion) and San Francisco 49ers ($3.05 billion).
On average, an NFL franchise is worth $2.52 billion, an increase of 8 percent since 2016. Much of that can be attributed to rights fees and new stadiums or stadium renovations.
Every team is worth at least a billion, with the Buffalo Bills last at $1.6 billion. Forbes reported earlier this year that the average baseball franchise is worth $1.54 billion.
The Atlanta Falcons had the highest increase in value, up 16 percent to more than $2.47 billion. The team just moved into a $1.5 billion stadium in Atlanta.
Globally, according to Forbes, the Cowboys are followed by baseball's New York Yankees at $3.7 billion, a figure the Patriots have now tied. Next in those rankings are three European soccer giants: Manchester United at $3.69 billion, FC Barcelona at $3.64 billion and Real Madrid at $3.58 billion.