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The top 20 owners on The Forbes 400 have seen their combined fortunes rise by $122 billion over the past year and are now worth more than half a trillion dollars.
By Justin Birnbaum, Forbes Staff
When billionaire mortgage lender Mat Ishbia bought the Phoenix Suns last year, the deal’s $4 billion enterprise value was nearly $1.7 billion beyond the next-highest price anyone had ever paid for an NBA team. But Ishbia didn’t have to think very hard about making the leap into sports ownership. “Due diligence? It’s an NBA team,” he told his attorneys, as he recalled on Rex Chapman’s podcast last October. “You guys can waste your time, but we’re buying the team, and here’s the timeline.”
That approach would be risky for most acquisitions, but history suggested Ishbia had little reason to fear. Since 1998, when Forbes began tracking NBA team values, franchises have appreciated roughly 2,200% on average, and they’re poised to keep growing. In June, the NBA more than doubled its national media rights fees with a new set of agreements that will take effect in 2025 and are reportedly worth $76 billion over 11 years.
That kind of return—and similar figures in other major sports leagues, including roughly 1,700% appreciation in the NFL over the same period—helps explain why team ownership has become an increasingly popular investment for the few who can afford it. On the latest edition of The Forbes 400—the definitive ranking of the wealthiest Americans, set to publish soon—54 billionaires are the controlling owner of a sports team in a major pro league, including 14 in the NBA.
The 20 richest owners from that group—perhaps the most exclusive club in sports—are now worth a combined $504 billion, according to Forbes estimates as of September 1, a 32% increase from a year ago. Their collective holdings include controlling stakes in ten teams from the NBA, eight from the NFL, five from professional soccer (including MLS and major European clubs), three from the NHL, two from MLB and one each from the WNBA and the Women’s Super League. Thanks not only to their steadily increasing sports team valuations but also to robust public markets, all but one are richer than they were last year.
For the tenth consecutive year, America’s richest sports team owner is former Microsoft CEO Steve Ballmer, who bought the Los Angeles Clippers for $2 billion in 2014 and has seen their value more than double over the past decade, to an estimated $4.65 billion, the fifth-best mark in Forbes’ 2023 NBA ranking. But that represents a small slice of the 68-year-old Ballmer’s $123 billion fortune, much of which comes from his Microsoft stock, up 35% over the past 12 months. He lands at No. 8 overall on The Forbes 400.
Ballmer isn’t the only owner with a massive stake in a publicly traded company. Walmart heir Rob Walton, who owns the Denver Broncos and ranks No. 2 among sports owners, with an estimated net worth of $94.3 billion, is a major owner of the retailer’s stock. Cleveland Cavaliers owner Dan Gilbert, No. 3 at $33.1 billion, holds shares worth roughly $27 billion in Rocket Companies, the fintech firm he founded in 1985. Meanwhile, the 13th-ranked Ishbia was the biggest gainer among this year’s sports owners, with his net worth nearly doubling to $13.1 billion behind the surging stock of United Wholesale Mortgage, the business his father founded in 1986 that the younger Ishbia runs as CEO.
Those favorable financial conditions have made this club even harder to crack than in years past. In 2023, the Baltimore Ravens’ Stephen Bisciotti ranked 20th among America’s richest sports owners, with a fortune of $7.2 billion; he drops off the list in 2024. It now takes at least $9.3 billion to rank among the 20 richest sports owners, with Josh Harris—owner of the Washington Commanders, the Philadelphia 76ers and the New Jersey Devils—just making the cut. He edged out Atlanta Falcons and Atlanta United owner Arthur Blank ($8.9 billion), Chelsea FC’s Todd Boehly ($8.5 billion) and Jimmy Haslam ($8.5 billion), who owns the Cleveland Browns and the Columbus Crew.
Miriam Adelson is the only sports owner in the top 20 whose fortune declined over the past year, down 9% after a so-so 12 months for the publicly traded Las Vegas Sands Corporation, the casino and resort company her husband, Sheldon, founded and chaired until his death in 2021. Still, she joins the owners list after buying the Dallas Mavericks from Mark Cuban for a reported $3.5 billion in December. A testament to the ever-higher bar to entry, with a net worth of $29.8 billion, the NBA’s newest owner is the fourth-richest sports owner in America.
HERE ARE AMERICA’S 20 RICHEST SPORTS TEAM OWNERS.
1. Steve Ballmer
Team: Los Angeles Clippers
Source of Wealth: Microsoft
Net Worth: $123 billion (One-Year Change: +22%)
With the Clippers scheduled to host the Phoenix Suns on October 23 in their first regular-season game at the Intuit Dome, Ballmer has delivered on his promise to build his team its own arena, after a quarter-century in Downtown Los Angeles as a co-tenant with the Lakers. The process hasn’t been without its challenges: In August, a tech issue at the building’s entrances delayed the start of the venue’s inaugural event, a Bruno Mars concert, by nearly two hours, and the construction cost $2 billion. That is hardly enough to dent Ballmer’s fortune, however. He now ranks even higher on The Forbes 400 than Microsoft cofounder Bill Gates, his former boss and mentor.
2. Rob Walton & family
Team: Denver Broncos
Source of Wealth: Walmart
Net Worth: $94.3 billion (One-Year Change: +40%)
Jack Dempsey/Associated Press
When Walton bought the Broncos in 2022 for $4.65 billion, at the time a record price for a sports team, it was widely seen as an overpay. Less than a year earlier, Forbes had valued Denver at $3.75 billion, and a person familiar with the negotiations told Forbes that no other bid had secured financing within $400 million of Walton’s. In hindsight, the franchise had plenty of room to grow. Now, every NFL team is worth at least $4 billion, and the Broncos are up to $5.5 billion while ranking as one of the world’s most profitable sports teams. But as his team ramps up, Walton, who will turn 80 in October, is winding down. He turned over control of the Broncos to his son-in-law, Greg Penner, last October and stepped down as chairman of Walmart’s board in June.
3. Daniel Gilbert
Team: Cleveland Cavaliers
Source of Wealth: Rocket Companies
Net Worth: $33.1 billion (One-Year Change: +55%)
Tony Dejak/Associated Press
Gilbert’s Cavaliers are in the midst of their best stretch since LeBron James took his talents to Los Angeles following the 2017-18 season. Cleveland has reached the playoffs in back-to-back seasons and signed superstar guard Donovan Mitchell to a three-year, $150.3 million contract extension in July. However, the 62-year-old Gilbert’s Rocket Companies may have one-upped his basketball team: The publicly traded mortgage and financial services business has seen its share price climb roughly 170% since last October.
4. Miriam Adelson & family
Team: Dallas Mavericks
Source of Wealth: Las Vegas Sands Corporation
Net Worth: $29.8 billion (One-Year Change: -9%)
Chip Somodevilla/getty images
Adelson’s first season in Dallas nearly had a storybook ending as her Mavericks marched through the Western Conference straight to the NBA finals, only to come up short against the Boston Celtics. The franchise’s future remains bright behind superstar guard Luka Doncic, but her family’s aspirations extend beyond the court. The 78-year-old Adelson has been an advocate for legalized gambling in Texas, and the purchase of an additional piece of land near the Mavericks’ home arena suggests a casino could be on the horizon in Dallas.
5 (tie). Steve Cohen
Team: New York Mets
Source of Wealth: Hedge funds
Net Worth: $21.3 billion (One-Year Change: +8%)
Jim McIsaac/getty images
After an unexpected midseason turnaround that has the Mets on the verge of a postseason appearance, the 68-year-old Cohen is pressing forward with his aspirations to bring a casino to Flushing, Queens. This month, he unveiled renderings of Metropolitan Park, a 50-acre development that would also feature parks, restaurants and shopping areas around Citi Field. But Cohen is just one of many players vying for three casino licenses authorized for downstate New York, and while he’s offered a sizable community investment to sweeten the pot, his bid has hit a snag. Citi Field’s parking lots are designated as “parkland” and require special permission from Albany to allow development on the site, with one state senator already voicing opposition.
5 (tie). David Tepper
Teams: Carolina Panthers, Charlotte FC
Source of Wealth: Hedge funds
Net Worth: $21.3 billion (One-Year Change: +3%)
matt kelley/associated press
Since Tepper bought the Panthers for $2.3 billion in 2018, Carolina has failed to record a winning season and has gone through seven head coaches. Compounding the matter, the Panthers recently benched Bryce Young, the young quarterback whom they traded a boatload of draft assets to select with the No. 1 overall pick in the 2023 NFL draft. Tepper, 67, has had better luck in MLS, where Charlotte FC is in line for a playoff spot heading into the final month of the season.
7. Stephen Ross
Team: Miami Dolphins
Source of Wealth: Real estate
Net Worth: $17 billion (One-Year Change: +68%)
Ross spent $550 million to purchase 50% of the Dolphins in 2008 and then $450 million for another 45% a year later. Now, the 84-year-old real estate magnate is considering selling off a stake to a private equity firm, according to the New York Times.
8 (tie). Philip Anschutz
Teams: Los Angeles Kings, LA Galaxy
Source of Wealth: Energy, sports, entertainment
Net Worth: $16.9 billion (One-Year Change: +14%)
No team has appeared in or won the MLS Cup more than the LA Galaxy, with five wins in nine appearances, and they could add a sixth trophy to the 84-year-old Anschutz’s case this year, with the team currently leading the Western Conference. The Galaxy are also developing a soccer version of baseball’s spring training; in February, the club hosted 11 additional professional men’s teams and four NWSL teams at the Coachella Valley Invitational.
8 (tie). Stanley Kroenke
Teams: Los Angeles Rams, Denver Nuggets, Colorado Avalanche, Colorado Rapids, Arsenal FC, Arsenal Women’s FC
Source of Wealth: Sports, real estate
Net Worth: $16.9 billion (One-Year Change: +16%)
Icon Sportswire/getty images
The 77-year-old Kroenke was reportedly one of 31 NFL owners who voted in August in favor of allowing private equity firms to invest in the sport. Under the new guidelines, NFL teams can sell up to 10% to institutional investors—a potentially hefty payday for the owner known as Silent Stan, whose Rams are football’s second-most-valuable team, worth $7.6 billion, according to Forbes estimates.
8 (tie). Henry Samueli
Team: Anaheim Ducks
Source of Wealth: Broadcom
Net Worth: $16.9 billion (One-Year Change: +69%)
Samueli, 70, has seen returns greater than 1,200% on his hockey team, which he bought alongside his wife in 2005 for $70 million. (The Ducks are now worth $925 million, according to Forbes’ 2023 estimates.) But the stark increase in his personal fortune can mostly be attributed to the strong performance of his semiconductor company, Broadcom, which Samueli cofounded in 1991 and whose stock is up 82% year-over-year.
11. Jerry Jones & family
Team: Dallas Cowboys
Source of Wealth: Dallas Cowboys
Net Worth: $15.2 billion (One-Year Change: +5%)
Sam Hodde/getty images
The 81-year-old Jones’ Cowboys are the first sports team worth at least $10 billion, landing at $10.1 billion on Forbes’ recent NFL ranking after generating a league-high $1.2 billion in revenue during the 2023 season. Football’s next-most-valuable team, the Los Angeles Rams, trails $2.5 billion behind.
12. Shahid Khan
Teams: Jacksonville Jaguars, Fulham FC
Source of Wealth: Flex-N-Gate
Net Worth: $13.3 billion (One-Year Change: +9%)
Kirsty Wigglesworth/Associated Press
In May, Jacksonville approved a plan to construct a $1.4 billion “stadium of the future” for the Jaguars. Under the arrangement, both the city and the 74-year-old Khan would contribute $625 million, with another $150 million in deferred maintenance.
13. Mat Ishbia
Teams: Phoenix Suns, Phoenix Mercury
Source of Wealth: United Wholesale Mortgage
Net Worth: $13.1 billion (One-Year Change: +96%)
Ishbia’s rivalry with Cleveland Cavaliers owner Daniel Gilbert extends from the basketball court to the mortgage business. When Ishbia bought the Suns in 2023, he received approval for his bid from every other NBA owner except Gilbert, who abstained and denied Ishbia a clean sweep. “He doesn’t like me, and I don’t like him, right?” Ishbia, the youngest member of the richest owners list at 44, told Bill Simmons last year. “That’s how it is. Business.”
14. Robert Kraft
Teams: New England Patriots, New England Revolution
Source of Wealth: Manufacturing, New England Patriots
Net Worth: $11.8 billion (One-Year Change: +6%)
Christopher Polk/getty images
Even though Tom Brady’s Patriots days are long over, Kraft is maintaining close ties with his former quarterback. The 83-year-old billionaire sat next to the future Hall of Famer at September’s Holy Grails auction, a joint event between Fanatics Collect and Sotheby’s, and even dropped $120,000 to buy an autographed Brady card.
15. Antony Ressler
Team: Atlanta Hawks
Source of Wealth: Private equity
Net Worth: $10.9 billion (One-Year Change: +35%)
The Hawks may be the only team the 63-year-old Ressler owns directly, but his influence over the sports world extends further through Ares Management, which he cofounded in 1997. The alternative assets firm, which manages $448 billion, has invested in MLS’s Inter Miami, the Professional Fighters League, Formula 1’s McLaren Racing and the Premier League’s Crystal Palace and Chelsea FC.
16. John Malone
Team: Atlanta Braves
Source of Wealth: Cable television
Net Worth: $10.7 billion (One-Year Change: +7%)
The Braves are the only publicly traded team in Major League Baseball, and Malone, 83, controls 47.5% of their voting rights after spinning off the franchise from Liberty Media Corporation last year. That type of move is sometimes a precursor to a sale, although Malone denied the notion that the Braves could be changing hands. “I personally had to sign a representation to the lawyers that I had no plan or intent to sell my interest in the Braves,” he told Sportico in May.
17. Tilman Fertitta
Team: Houston Rockets
Source of Wealth: Landry’s Inc., Houston Rockets
Net Worth: $10.1 billion (One-Year Change: +26%)
Houston Chronicle/Hearst Newspapers via Getty Images
Fertitta has tried to expand his sports empire beyond the Rockets, but his most recent attempt, a $5.6 billion bid for the Washington Commanders last year, came up short against Josh Harris’ record $6.05 billion deal. Fertitta, 67, may get another opportunity soon enough. He recently confirmed he planned to bid on a WNBA expansion franchise.
18. Robert Pera
Team: Memphis Grizzlies
Source of Wealth: Ubiquiti
Net Worth: $10 billion (One-Year Change: +21%)
Pera, 46, bought the Grizzlies for $377 million in 2012, and while the franchise is the NBA’s least valuable by Forbes’ measure, Memphis has still appreciated 537% in that time, to an estimated $2.4 billion. On the court, Pera’s team is looking to bounce back after a 27-win season marred by superstar guard Ja Morant’s 25-game suspension over a social media video in which he brandished a gun.
19. Tom Gores
Team: Detroit Pistons
Source of Wealth: Private equity
Net Worth: $9.4 billion (One-Year Change: +16%)
Leon Halip/getty images
Gores, the 60-year-old founder of the $48 billion (assets) Platinum Equity, bought the Pistons in 2011, and in the 13 seasons since, the team has finished with a winning record just once. Still, Detroit is now worth nearly ten times what he paid, at $3.075 billion, and is entering a new era after hiring former New Orleans Pelicans general manager Trajan Langdon as president of basketball operations in June. Gores has also reportedly reached an agreement to purchase 27% of the Los Angeles Chargers, according to Sports Business Journal.
20. Josh Harris
Teams: Washington Commanders, Philadelphia 76ers, New Jersey Devils
Source of Wealth: Private equity
Net Worth: $9.3 billion (One-Year Change: +35%)
Scott Taetsch/getty images
It’s been a busy 2024 for Harris, whose sports empire stretches across the NFL, the NBA, the NHL, the English Premier League and youth sports. In August, his Commanders picked up a stadium naming rights sponsor for the first time in two years, striking an eight-year deal with Northwest Federal Credit Union. A month later, the 76ers, whom the 59-year-old Harris co-owns with David Blitzer, signed their star Joel Embiid to a three-year, $192.9 million contract extension.
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