The owners of the world’s most valuable—and most profitable—sports team are not interested in expanding their portfolio to include more franchises.

“We’re football [only],” Dallas Cowboys co-owner and COO Stephen Jones said on the latest episode of Sportico Sports Business Presented by Endava. “We’ve had those opportunities and we just feel like the Cowboys are something that you have to think about all the time, and it has to be your sole focus if you want to grow a brand like that.”

That puts the Cowboys in relatively rare company, given that more than half of the NFL’s control owners also own teams in other major U.S. sports leagues or in European soccer. In addition to a franchise’s scarcity value, the tax benefits and the pro sports industry’s insulation from broader market forces, billionaire owners see cost efficiencies and synergies in owning multiple teams; they can share data, best practices and manpower across portfolios that often include multiple billion-dollar franchises and multiple arenas.

Stan Kroenke, David Blitzer, Maple Leaf Sports & Entertainment, Haslam Sports Group and Fenway Sports Group are prominent examples of this. That said, at $15.05 billion, the Cowboys alone are worth more than many of those empires combined.

Speaking on the TV show, Jones specifically mentioned Kroenke, whose agreement to buy the Los Angeles Angels will make him the first person to control teams in all five major U.S. leagues. Kroenke’s portfolio includes the Denver Nuggets, Los Angeles Rams, Colorado Avalanche and Colorado Rapids, plus English soccer giant Arsenal.

“Hats off to him, it’s an amazing platform he’s put together,” Jones said. “But we go about it a little different.”

The Cowboys are instead focusing on their NFL franchise; its $1.3 billion in annual revenue, which is the highest in U.S. sports; and its real estate business, which could soon include a development around AT&T Stadium. According to Sportico’s numbers, the team’s local revenue is 70% higher than the next closest NFL team (Rams) and its $510 million in EBITDA is more than double the next closest NFL team (also Rams).

During the interview, Jones talks about the team’s creativity in structuring its sponsorship deals, which often includes equity stakes for the NFL team or a presence at The Star, their $2 billion practice facility development located in Frisco, Texas. For example, the Cowboys have a stake in SeatGeek, part of its 2018 partnership with the ticketing startup. Omni, the “official hotel partner of the Dallas Cowboys,” operates the hotel at The Star.

The Jones family bought a majority stake in an esports org, Complexity, in 2017. That team, which also had space in The Sphere, was sold in 2021 for $26.7 million in a deal that gave the Jones family equity in its parent, GameSquare. Complexity was sold again in 2024, and GameSquare shares are down about 98% in the last five years.

The episode of Sportico Sports Business Presented by Endava featuring Jones debuted on YES Network on Thursday night and will run throughout the month on YES and other regional networks around the country.