Some key points to consider are as follows: 1- The Ascendant of the Solar Return chart will color the individual's approach to his or her environment for the year. Keys to Interpreting Solar Returns: A Solar Return chart can be read in as much detail as desired. The information included in this booklet is not included in the book, Planets in Solar Returns: Yearly Cycles of Transformation and Growth. single-chart versus double-chart techniques with correlation to the natal chart. precessed versus nonprecessed tropical solar return charts. With additional reporting by Justin Teitelbaum.Solar Returns: A Study. We did not include the $47 million that each of the other 29 NFL teams received from these fee payments in our operating income figures because it was nonrecurring income.Ĭlick here for the complete table of team valuations featuring more data. In 2020, the Rams and the Raiders paid their relocation fees to the league in full while the Chargers paid half. Team values are enterprise values (equity plus net debt) and include the economics (including non-NFL revenue that accrues to the team’s owner) of the team’s stadium but not the value of the stadium real estate itself. We employ the cash basis, rather than the accrual basis, of accounting. Debt includes both team and stadium debt recourse to team owners. Here is the ranking of the NFL’s 32 teams by their enterprise value.ģ1. Cincinnati Bengals Value: $2.275 billion One-Year Change: 14% Owner: Michael Brown Operating Income: –$16.6 millionģ2. Buffalo Bills Value: $2.27 billion One-Year Change: 11% Owners: Terry and Kim Pegula Operating Income: –$17.6 millionįigures for revenue and operating income (earnings before interest, taxes, depreciation and amortization) are for the 2020 season and net of stadium debt service. The Bucs have seen a surge in season-ticket and merchandise sales since the arrival of Tom Brady in March 2020 and pushed through significant ticket-price increases for the 2021 season. But the biggest one-year increase in value belongs to the Tampa Bay Buccaneers, who are up 29% and whose brand has been reborn with last season’s Super Bowl run. Owner Jerry Jones is the league’s consummate salesman, and the team’s more than $200 million in combined sponsorship and advertising revenue is easily tops in the NFL. The Cowboys generate the most revenue ($800 million) and operating income ($280 million) in the league by a mile. The Dallas Cowboys, worth $6.5 billion, top our ranking for the 15th consecutive year. To make it easier for new investors to enter the owners’ club, the NFL recently and very quietly doubled the debt limit for buyers of teams to $1 billion, from $500 million. Profitable Partners The NFL’s new media deals all begin in 2023, except for its deal with Amazon, which begins in 2022.Īll of this will further drive up team values, of course, further limiting the number of people who can afford to buy an NFL team. The NFL Network, for example, generates between $1.5 billion and $2 billion in annual revenue, yet it is carried on the league’s books at zero. “Lots of league assets could be leveraged up with outside money,” one team owner tells Forbes. To kick things off, the league could potentially put in its NFL Films library, the NFL Network and the league’s deals with DraftKings, FanDuel and Caesars Entertainment. The NFL’s contribution to this new company would be assets that could become much more valuable with help from partners with expertise in distribution and content creation.
Other partners could potentially include existing media partners or tech companies like Apple and Twitter. League insiders tell Forbes that the NFL is on the verge of starting something even bigger, sort of a 32 Equity writ large-the formation of a new company in which the league will own a majority stake but will be funded by outside investors that could include companies like SoftBank and sovereign wealth funds. For the 2020 season, the team reported an operating loss (including depreciation) of $38.8 million but net income of $60.7 million thanks to $120 million in mostly unrealized investment gains. The value of the league’s investments stand out in the Green Bay Packers’ financial statements.
The warrants will be subject to vesting over the six-year term of the licensing agreement, with the first 11.25 million warrants to be vested immediately upon issuance. For example, when Genius Sports became the official betting data source for the NFL in April, it agreed to issue up to 22.5 million warrants in addition to the cash it paid the league, entitling the NFL to purchase one ordinary share of Genius for $0.01 each. One reason the NFL’s investments shine is that its brand and content allow the league to secure favorable investment deals, akin to what Amazon does with its vendors.