Cowboys most valuable NFL franchise

Updated: September 7, 2011, 7:10 PM ET

Associated Press

NEW YORK -- The Dallas Cowboys are the NFL's most valuable franchise at $1.85 billion, according to Forbes magazine's annual survey.

That also gives the Cowboys the highest worth of any U.S. team, and makes them second only to Manchester United of the English Premier League, valued at $1.9 billion, among franchises worldwide.

The New York Yankees are worth $1.7 billion, according to Forbes' most recent baseball calculations.

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Following the Cowboys in value among NFL teams are the Washington Redskins ($1.55 billion), New England Patriots ($1.4 billion), New York Giants ($1.3 billion) and New York Jets ($1.223 billion).

Altogether, 15 teams are worth $1 billion; the others are Houston, Philadelphia, Chicago, Green Bay, Baltimore, Indianapolis, Denver, Pittsburgh, Miami and Carolina.

The survey is based on the 2010 season. Team values are through this year's lockout, but total revenues and profits are not.

Dallas' value increased 2 percent from last year's rankings. The biggest jump was made by the Giants, up 10 percent, after they moved into their new stadium in 2010. The Jets, who share that stadium with the Giants, were up 7 percent, as were the Super Bowl champion Packers, who are community-owned, and the San Francisco 49ers.

Eighteen teams increased in value, five remained the same -- including the Redskins -- and nine decreased in worth. Coincidentally, the biggest drop was made by the Tampa Bay Buccaneers (5 percent), who are owned by the Glazer family that also owns Manchester United.

Least in value, Forbes reports, are the Jacksonville Jaguars ($725 million).

The average team value is $1.036 billion.

Dallas also had the highest revenues, $406 million, well ahead of Washington at $352 million. Lowest was Oakland at $217 million.

The Cowboys also led with $119 million in operating income, followed by Washington with $65.6 million. Two teams had negative operating income, Detroit (minus $7.7 million) and Cleveland (minus $2.9 million).