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There’s no denying that American sports has been one of the most lucrative industries in the 21st century, and it will likely continue to grow as time progresses. Although the National Football League (NFL) brings in the most annual revenue ($18.6 billion from the 2022 season), the NBA, MLB, NHL and MLS aren’t far behind.
The average team value of NFL teams has increased by over 300% since 2014, while NBA owners have seen their value increase by nearly 500% in the same period. So, who is benefiting from these investments? Well, the answer is every owner, but five are head and shoulders above the rest, so we broke down who the richest owners in US sports currently are.
We have a tie for the 5th place spot on this list, as it belongs to David Tepper and Steve Cohen. Tepper is one of the most successful hedge fund managers in the world and originally got into the sports entertainment business by purchasing a 5% stake in the Pittsburgh Steelers in 2009. However, that was just the beginning, as he bought the Carolina Panthers from the original owner and founder, Jerry Richardson, in May 2018 for $2.2 billion. However, the Panthers haven’t exactly been successful since his takeover, as they are 31-68 since 2018 and are on their 6th head coach.
This wasn’t the only sports team Tepper bought, as he placed a bid for an expansion team in Major League Soccer (MLS). He won this bid on December 17, 2019, and Charlotte FC joined the MLS as the 30th team. His bid was reportedly $325 million, which set an MLS record. They currently play at the same stadium as the Panthers, Bank of America Stadium in Charlotte, North Carolina.
Sharing a spot with Tepper for the 5th richest US sports owner is American hedge-fund manager Steve Cohen. He originally was a minority owner of the Mets, as he purchased an 8% stake in the club in 2012, but now he owns just over 97% of the Mets, gaining controlling interest in the team in October 2020. Since that time, the Mets haven’t had too much success. However, they turned things around this past season by making it to the National League Championship Series (NLCS) before losing to the eventual World Series Champions, the Los Angeles Dodgers.
Miriam Adelson and family are the 4th richest US sports owners after they bought a 73% majority stake in the Dallas Mavericks in a deal estimated at approximately $3.5 billion in December 2023. Adelson is the widow of Las Vegas Sands CEO Sheldon Adelson, who passed away in 2021. They purchased the team from fellow billionaire Mark Cuban, who still owns a 27% minority stake.
The move came after Adelson sold $2 billion in Las Vegas Sands shares to buy a professional team, and although it was originally reported that they wanted to purchase a team in Las Vegas, they landed with Dallas. The Mavs most recently fell in the 2023-24 NBA Finals to the Boston Celtics, so we’ll see if the Adelson family can continue this success moving forward.
Third on our list is Daniel Gilbert, who is the co-founder and majority owner of Rocket Mortage and founder of Rock Ventures. Gilbert bought the Cavs for $375 million in 2005, a record at the time for NBA teams. His time in Cleveland peaked when the Cavaliers won the 2016 NBA Finals, but things haven’t been as smooth since LeBron James left for the Los Angeles Lakers in 2018.
The Cavaliers aren’t the only sports team Gilbert owns, as he also purchased the Cleveland Monsters in 2006, who play in the American Hockey League (AHL). He also owns the NBA G League’s Cleveland Charge, who play beneath the Cavaliers.
Rob Walton and his family are the richest owners in the NFL and gained their wealth due to their father being a co-founder of Walmart. Walton joined Walmart as a senior vice president in 1978 before being appointed vice chairman in 1982. His father passed away in 1992, which is when he was named the chairman of the board of directors. With this money, Walton entered an agreement with Pat Bowlen to purchase the Denver Broncos for $4.65 billion in June 2022, which set the record for the most expensive sale of a sports franchise ever.
He partnered with Formula One world champion Lewis Hamilton, Starbucks board chair Mellody Hobson and former U.S. Secretary of State Condoleezza Rice to purchase the Broncos, but the Broncos haven’t had much success since this takeover. They haven’t had a winning season since 2022, but it’s not without trying, as the Broncos traded for former Saints Head Coach Sean Payton in 2023, who is allegedly making $18 million per season, one of the highest salaries in the NFL.
The richest owner in US sports is none other than Steven Ballmer, who is the former CEO of Microsoft. Balmer was the highest bidder for the Clippers in May 2014 for a reported $2 billion, marking the second-highest bid for a sports franchise in North American sports history at the time. This bid was finalized in August 2014, and Balmer immediately barred the team from using Apple products and replaced them with Microsoft.
In March 2020, Balmer purchased The Forum in Inglewood, California, allowing him to build the brand-new Intuit Dome. This is where the Clippers play starting in the 2024-25 regular season, and it will serve as a venue for the 2028 Summer Olympics. Ballmer was voted the best owner in basketball in a survey conducted by The Athletic, so although the Clippers haven’t had much playoff success since his takeover, it seems like a matter of time before they’re back in the national spotlight.
Liam has been a major sports fan and soccer player for over a decade, with a particular focus on major top-level soccer leagues, including the EPL, La Liga, Serie A, Bundesliga and MLS. He has written numerous promotional articles for various top sportsbooks and continues to publish historical and factual sports articles covering the NFL, MLS, NHL, MLB, EPL and more.