It’s been 25 years since Dallas Cowboys owner and general manger Jerry Jones went “all-in” to purchase our beloved franchise. And the price tag, a hefty $140 million, was considered quite the overpayment by Jones at the time. But his perceived mistake has now blossomed into a billion dollar windfall for the Jones family.
Jones purchase is now consider so much of a success that the good folks over at INC.com have name his purchase one of their Five Seemingly Overpriced Acquisitions That Actually Worked Out. Here’s what they had to say about the oil man’s gusty move to acquire the Cowboys back in February of 1989.
“Today, Jones’ stake in the team is worth $1.83 billion, according to Forbes. Clearly, his decision to buy into the NFL 25 years ago was a smart one. But at the time, it was considered a risk…The team was losing $1 million a month under its former owner. Laugh, if you will, at the Cowboys’ recent history in big games, but this much is true: Their owner has nailed the business side of the equation.”
In an interview with ESPNDallas, Jones described how he felt during the purchase, which at the time represented his entire fortune. Money he had gained from being in the oil and gas exploration business.
” There was a pretty serious reach there, risk wise, and I didn’t know how it was going to turn out. I thought I had an idea, so it was a nervous time for me. I remember that. I developed an arrhythmia during that time and I never had an unhealthy day in my life…It was from not resting, never sleeping and then getting up just right when you lay your head down. That kind of describes me from that period of time.”
It seems Jones has never been afraid to take risks. (up until recently, some might argue) Regardless of how you feel about his choicess as a general manager, you have to admit Jones has been a successful business man. And no team owner keeps his franchise in the public eye more than Jerry Jones. Even if it’s for the wrong reasons at times. Even boasting recently that his Cowboys are, in fact, the number one show on television.
Forbes has ranked the Cowboys franchise the third most valuable sports team in the world. They are currently tied with the New York Yankees ($1.85 B) and behind No. 2 Real Madrid ($1.88 B) and No. 1 Manchester United ($2.23 B). Despite it’s immense worth, don’t expect the team to change hands anytime soon. It appears the Dallas franchise will remain in the Jones’ family for many years to come as Jerry’s son, Cowboys executive vice president Stephen Jones, is apparently being groomed to become the heir apparent.