Dallas Cowboys

Jerry Jones has spent decades brushing off any talk of selling part of the Dallas Cowboys. His son sounded far less certain this week.

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Stephen Jones addressed the subject directly on 105.3 The Fan, and his answer left the door open in a way that contrasted with his father’s longtime stance.

Stephen Jones opens door to private equity stake in Cowboys

The NFL cleared the way in 2024 for teams — aside from the publicly owned Green Bay Packers — to sell up to 10 percent of their franchise to approved private equity firms.

«We wouldn’t rule it out,» Stephen Jones said on 105.3 The Fan. «But we’d also be very particular about who we bring in.»

He added that the rule change made sense for the league broadly, even though Dallas has not moved to use it so far.

«I think it’s a great tool,» Jones said. «I think it makes the league stronger, personally.»

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The Cowboys carry a valuation of nearly $13 billion, the highest in the NFL by more than $2.5 billion. Jerry Jones purchased the team for $150 million in 1989.

Jerry Jones had remained firm on his private equity stance

Jerry Jones addressed the same question in 2024, and his answer carried far less ambiguity than his son’s. “I’m not looking to do it,” Jerry Jones said. “I don’t want to foreclose anything as far as the future is concerned.”

Three other franchises have already moved on the option. Arctos Partners holds stakes in the Buffalo Bills and Los Angeles Chargers, while Ares Management owns 10 percent of the Miami Dolphins.

Dallas remains the league’s highest earner regardless, a gap Sporting News tracked in its own preseason breakdown of the franchise’s finances, well ahead of division rival Philadelphia, whose own outlook still trails Dallas in overall value.

The New York Giants have also explored selling a minority stake to the Koch family. Whether the Cowboys ever follow remains unclear, but Stephen Jones’ comments this week suggest the family is no longer completely ruling it out.

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