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Jerry Jones owns the Dallas Cowboys, the most valuable sports franchise in the world, worth over $6 billion.
The story of how he did it is wild.
Time for a thread
The story of how he did it is wild.
Time for a thread
1) When it comes to football, Jerry Jones has done more than just own the Dallas Cowboys.
In 1964, as a 182-pound guard for the University of Arkansas, Jerry Jones co-captained the team to a national championship victory.
Jones' teammates included Jimmy Johnson & Barry Switzer.
In 1964, as a 182-pound guard for the University of Arkansas, Jerry Jones co-captained the team to a national championship victory.
Jones' teammates included Jimmy Johnson & Barry Switzer.
2) After graduating from the University of Arkansas, Jerry Jones set out to conquer the business world.
His first attempt? Pizza.
Jones took a $1M loan and opened up a few Shakey's Pizza Parlors.
The venture failed, and Jones went to work for his father selling insurance.
His first attempt? Pizza.
Jones took a $1M loan and opened up a few Shakey's Pizza Parlors.
The venture failed, and Jones went to work for his father selling insurance.
3) Although Jerry Jones' first entrepreneurship attempt failed, he wouldn't stop there.
At the age of 23, Jones attempted to buy the San Diego Chargers.
Originally considered a long shot, Jones put together a $5.8M agreement to buy the team, but was unable to secure financing.
At the age of 23, Jones attempted to buy the San Diego Chargers.
Originally considered a long shot, Jones put together a $5.8M agreement to buy the team, but was unable to secure financing.
4) Determined not to have the reputation of a failure, Jerry Jones quickly started his third entrepreneurship venture.
Enticed by the upside of ‘wildcatting’, the speculative act of drilling for oil, Jones founded "Jones Oil and Land Lease."
This is where it gets interesting…
Enticed by the upside of ‘wildcatting’, the speculative act of drilling for oil, Jones founded "Jones Oil and Land Lease."
This is where it gets interesting…
5) Throughout the 1970s & 1980s, Jerry Jones started acquiring land with the hope of finding oil fields.
His big break came in 1982, when Jones acquired a piece of land for $15M, which turned out to have natural gas reserves.
Four years later, Jones sold the land for $175M.
His big break came in 1982, when Jones acquired a piece of land for $15M, which turned out to have natural gas reserves.
Four years later, Jones sold the land for $175M.
6) After making a fortune in the oil business, Jerry Jones returned for another chance at NFL ownership.
In 1989, Jones purchased the Dallas Cowboys for $140 million, or about $293M today.
At the time, Jerry Jones was ridiculed as no sports team had ever sold for over $100M.
In 1989, Jones purchased the Dallas Cowboys for $140 million, or about $293M today.
At the time, Jerry Jones was ridiculed as no sports team had ever sold for over $100M.
7) Shortly after purchasing the Dallas Cowboys, a team that was losing $1M monthly, Jerry Jones set out to make changes.
Within months Jones:
- Fired GM Tex Schramm
- Cut 1/2 the staff to reduce costs
- Fired longtime coach Tom Landry
- Hired college teammate Jimmy Johnson as HC
Within months Jones:
- Fired GM Tex Schramm
- Cut 1/2 the staff to reduce costs
- Fired longtime coach Tom Landry
- Hired college teammate Jimmy Johnson as HC
8) On the field, Jerry Jones helped turn things around quickly for the Dallas Cowboys.
During his first 6 years of ownership, the Cowboys won 3 Super Bowls and had 5 straight 11+ win seasons.
Considered the best team of the 90s, Jones also saw success on the business side…
During his first 6 years of ownership, the Cowboys won 3 Super Bowls and had 5 straight 11+ win seasons.
Considered the best team of the 90s, Jones also saw success on the business side…
9) Since becoming an owner in 1989, Jerry Jones has transformed how NFL teams do business.
Jones was the pioneer of NFL sponsorships, signing deals with Nike, Pepsi and American Express to become exclusive sponsors of Texas Stadium.
Once Jones did it, more NFL owners followed.
Jones was the pioneer of NFL sponsorships, signing deals with Nike, Pepsi and American Express to become exclusive sponsors of Texas Stadium.
Once Jones did it, more NFL owners followed.
10) In addition to sponsorships, Jerry Jones was instrumental in the negotiation of TV contracts.
With revenue flat in 1993, the NFL planned to give money back to TV networks.
Jones demanded they let Fox into the bidding, eventually causing a 20% increase in revenue instead.
With revenue flat in 1993, the NFL planned to give money back to TV networks.
Jones demanded they let Fox into the bidding, eventually causing a 20% increase in revenue instead.
11) In 2008, Jerry Jones teamed up with George Steinbrenner to create Legends Hospitality Management.
Legends, worth $750M, partners with stadiums around the world to operate concession & merchandising sales.
Clients include:
- SoFi Stadium
- Allegiant Stadium
- Rose Bowl
Legends, worth $750M, partners with stadiums around the world to operate concession & merchandising sales.
Clients include:
- SoFi Stadium
- Allegiant Stadium
- Rose Bowl
12) Since buying the Dallas Cowboys for $140M in 1989, Jerry Jones has seen his investment grow to $6.4 billion in 2020.
Regardless of what you think about Jerry Jones' loud and outspoken ownership style, he is undoubtedly one of the greatest owners in the history of sports.
Regardless of what you think about Jerry Jones' loud and outspoken ownership style, he is undoubtedly one of the greatest owners in the history of sports.
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Sources:
https://www.dmagazine.com/publications/d-ceo/2013/october/jerry-jones-the-grocers-son/2/
https://www.sportico.com/valuations/teams/2020/2020-nfl-team-valuations-franchise-rankings-list-1234611980/
https://www.forbes.com/profile/jerry-jones/#6f237b0f27bc
https://www.forbes.com/sites/monteburke/2012/05/02/when-jerry-jones-nearly-bought-the-chargers-and-learned-about-business-the-hard-way/#64d697831a38
https://fox5sandiego.com/sports/jerry-jones-almost-bought-san-diego-chargers/
https://www.dmagazine.com/publications/d-ceo/2013/october/jerry-jones-the-grocers-son/2/
https://www.sportico.com/valuations/teams/2020/2020-nfl-team-valuations-franchise-rankings-list-1234611980/
https://www.forbes.com/profile/jerry-jones/#6f237b0f27bc
https://www.forbes.com/sites/monteburke/2012/05/02/when-jerry-jones-nearly-bought-the-chargers-and-learned-about-business-the-hard-way/#64d697831a38
https://fox5sandiego.com/sports/jerry-jones-almost-bought-san-diego-chargers/
