The Buffalo Bills came in dead last in Forbes' annual ranking of the NFL's most valuable franchises.
The magazine, which has compiled valuations of NFL teams for 18 years, released its list Monday. The Bills are valued at $1.4 billion – the same amount co-owners Terry and Kim Pegula paid a year ago to purchase the team from the estate of late founding owner Ralph C. Wilson Jr.
That represents nearly a 50-percent increase in the value of the team in just a year, from $935 million in August 2014, but still couldn't stop the Bills from slipping from 31st in the NFL to 32nd. Of course, aas the Pegulas showed, value is most accurately defined as what someone is willing to pay, and since so few NFL teams ever hit the market, it's probably best to take these valuations with a grain of salt.
The Bills, according to the magazine, had revenue of $296 million in 2014 and operating income of $44 million.
According to the magazine, team values are enterprise values (equity plus net debt) and reflect moves into new stadium. Even and operating income – which is defined as earnings before interest, taxes, depreciation and amortization – are for last season, net of revenue of sharing and stadium debt service.
The Dallas Cowboys took the top spot on the list for the ninth straight season, and at $4 billion are the most valuable sports franchise in the world. The Cowboys had a revenue of $620 million, a record for a U.S. sports team, according to the magazine, and more than $100 million more than any other team.