Jerry Jones, owner of the Dallas Cowboys, is among the NFL’s top five wealthiest owners and one of the richest in professional sports.
His net worth and the means by which he accumulated his wealth are still subjects of interest to many today.
So, how did he make his money? And is his net worth really in the billions?
According to Forbes, as of January 16, 2024, Jerry Jones possesses an impressive net worth estimated at $13.8 billion. His wealth was primarily amassed in the 1970s when he entered the gas and oil industry with Jones Oil and Land Lease in Arkansas. He discovered 12 successful wells out of his first 13, with the first generating an astounding $4 million in revenue. This enabled him to make a historic purchase in 1989 when he acquired the Dallas Cowboys for $150 million.
Explained: How Much Has Jerry Jones Made?
Jerry Jones is not your typical NFL owner. He’s not just a businessman who happened to own a football team; he’s also a former football player with a rich history in the sport. Jones’s journey from the football field to the owner’s box is a fascinating one.
Jerry Jones played college football for the University of Arkansas Razorbacks. His college football career culminated in the 1965 Cotton Bowl, where he played a pivotal role in securing an undefeated season for the team, ultimately defeating Nebraska.
However, Jerry Jones’s legacy extends far beyond his playing days.
Over the course of his 81 years of life, he has amassed substantial wealth, much of which can be attributed to his ownership of the Dallas Cowboys.
In 1989, he acquired the Cowboys for $150 million from the previous owner, Bum Bright. Since then, the franchise’s value has soared, reaching a staggering figure as of August 2023.
Forbes, a leading source for financial valuations, estimated the Dallas Cowboys’ worth at a remarkable $9 billion. Thus making it the most valuable NFL franchise by a significant margin.
The New England Patriots, in second place, trailed with a $7 billion valuation. According to Forbes, no other NFL team came close to the $7 billion mark.
In September 2023, Forbes went a step further, ranking the Cowboys as the most valuable sports team globally, surpassing even the esteemed New York Yankees, valued at $7.1 billion. This accolade solidified the Cowboys’ status as a global sports powerhouse.
Jerry Jones’s financial success is undeniably impressive.
Forbes has estimated Jerryโs net worth to be a staggering $13.8 billion as of January 16, 2024, a figure that ranks him 136th in the world by their estimations.
But how did Jones make his money?
How Did Jerry Jones Amass His Wealth?
Jerry Jones, a name synonymous with the Dallas Cowboys, was born Jerrel Wayne Jones on October 13, 1942, in Los Angeles, California.
However, his journey to becoming the iconic owner of America’s Team has its roots deeply embedded in the state of Arkansas, where he spent most of his formative years.
Jones’s foray into the business world began at a young age when he worked as a greeter at his parents’ grocery store, Pat’s Supermarket. These early experiences laid the foundation for his future entrepreneurial endeavors.
Jones’s educational path led him from North Little Rock High School to the University of Arkansas.
During his college days, he donned the Razorbacks football jersey, contributing to the team’s success. In 1964, the Razorbacks were named national champions, and a year later, Jones graduated with a degree in business.
In 1966, just a year after graduating, he expressed interest in purchasing the financially troubled San Diego Chargers. However, his father advised against it, and Jones temporarily shifted his focus elsewhere.
However, Jones’s initial major business venture was not without its setbacks.
He invested in Shakey’s Pizza Parlor, the pioneering franchise pizza chain in the United States. While Shakey’s Pizza Parlor had its heyday in the 1970s, it faced decline, resulting in the closure of all its Dallas-Fort Worth locations in 1989.
Undeterred by this initial setback, Jones ventured into the insurance industry. He worked alongside his father, Pat Jones, as an executive vice president at Modern Life Security.
When the company was eventually sold in 1970, Jones’s shrewd business acumen enabled him to walk away with $500,000, marking a significant step on his journey to wealth and success.
In the 1970s, Jerry Jones embarked on a career in the gas and oil industry, founding the Arkansas-based company Jones Oil and Land Lease.
His pursuit of oil wildcatting, a practice involving drilling in areas not known for oil reserves, proved to be an immensely lucrative venture. Astoundingly, Jones struck oil in 12 out of his first 13 wells, with the first well yielding a remarkable $4 million in oil revenue.
By the mid-1980s, Jerry Jones had established himself as a wealthy oil businessman, amassing significant fortunes through his unconventional approach to the industry. This wealth enabled him to make history in 1989, when he acquired the Dallas Cowboys.
The purchase of the Cowboys was one of the most expensive transactions in sports history at the time, showcasing Jones’s determination and ambition.
Immediately after taking the reins, Jones wasted no time implementing changes and decisions that would significantly impact the franchise.
While the Cowboys underwent a swift transformation on the field under the guidance of head coach Jimmy Johnson and the acquisition of top-tier talent like Emmitt Smith, Troy Aikman, and Michael Irvin, Jerry Jones also initiated behind-the-scenes battles with the NFL.
One of his notable confrontations involved challenging the NFL’s merchandise arrangement.
Recognizing that the Cowboys contributed 25 percent of the NFL’s merchandise revenue but received only a fraction of the profits, Jones struck groundbreaking deals with corporate giants like Nike and Pepsi, the direct competitors of the league’s beverage sponsor, Coca-Cola.
Although the NFL took legal action against him, Jerry Jones emerged victorious, generating substantial revenue for the Cowboys franchise in the process.
Coupled with the team’s on-field success in the 1990s, the value of the Cowboys soared, solidifying their status as a valuable global sports franchise.
In the grand narrative of Jerry Jones’s life, from a college football player to a pioneering oilman and, ultimately, the influential owner of the Dallas Cowboys, his relentless pursuit of success has made him a hero to many.
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Source: Forbes
