Jacksonville Jaguars owner Shad Khan says the NFL remains greatly undervalued, even as his own franchise just posted one of the steepest single-year valuation jumps in the league. Khan made the comments during an interview with Michael Ozanian on CNBC Sport, a videocast that features conversations with major figures in sports business, discussing why he believes sports teams still have room to grow in worth despite years of soaring price tags.
The timing is notable. Forbes estimated the Jaguars' enterprise value at $8.05 billion in September, according to News4JAX, a 44% jump from $5.6 billion just a year earlier. That still ranks Jacksonville 29th among the league's 32 teams, underscoring how far the small-market franchise has climbed even while trailing most of its peers. CNBC's own September 2026 valuations placed the team even higher, at $9.35 billion, per the Jacksonville Daily Record.
Khan bought the Jaguars in 2012 for $770 million, meaning the franchise's value has grown more than tenfold under his ownership, the Daily Record notes. That return helps explain his on-camera argument to Ozanian that franchises like his are still priced below their true worth. The outlet also reported that Khan's personal net worth climbed to $16.5 billion in September, according to Forbes.
A League-Wide Money Surge
Khan's undervaluation claim, delivered directly to CNBC, lands amid historic financial growth across the league. CNBC's broader NFL valuations found the average franchise now worth $10.36 billion, a 35% year-over-year increase, with the Dallas Cowboys topping the list at $16 billion, according to VINnews. Forbes put the league average slightly lower, at $9.5 billion, with every team now worth at least $8 billion, the Daily Record separately reported.
Much of that growth traces back to a 2024 policy shift. NFL owners voted 31-1 to let select private equity firms buy passive minority stakes of up to 10% in franchises, opening the league to institutional investment for the first time, per SportsPro. Cincinnati Bengals owner Mike Brown cast the lone dissenting vote. That new pipeline of institutional capital, layered on top of national media deals, has helped push valuations upward across the board.
The Stadium Deal Behind the Jaguars' Bump
Locally, much of Jacksonville's valuation surge is anchored by the $1.4 billion “Stadium of the Future” rebuild at EverBank Stadium. The Jacksonville City Council voted 14-1 in June 2024 to approve the agreement, committing $775 million in public funds — $625 million toward construction and $150 million for deferred maintenance — without raising local taxes, according to WLRN. The deal includes a 30-year lease and a non-relocation clause.
NFL owners followed with a unanimous 32-0 vote in October 2024 to approve the plan, officially locking the Jaguars into Jacksonville through at least 2058, as Hoodline reported in coverage of the owners’ vote. The city's 55% contribution share is higher than most recent NFL stadium projects nationally. During the stadium's main construction phase in 2027, the Jaguars plan to play home games in Orlando or Gainesville because of temporary capacity constraints at EverBank Stadium, with a reopening expected in 2028, per the same WLRN report.
Real Estate and Global Ambitions Beyond the Stadium
Khan's commercial footprint downtown extends well past the stadium bowl. In May 2025, the Jaguars secured a $12.2 million city building permit to construct a new team headquarters near EverBank Stadium, part of a larger mixed-use development led by Khan's Iguana Investments, News4JAX reported. Iguana Investments also purchased the adjacent 13.4-acre downtown fairgrounds site for more than $15 million to support stadium operations, a deal Hoodline detailed in its coverage of the fairgrounds’ move to the Westside.
The Jaguars are also scheduled to play two regular-season international games in London next month, facing the Philadelphia Eagles at Tottenham Hotspur Stadium on Oct. 11 and the Houston Texans at Wembley Stadium the following weekend, according to Hoodline's earlier reporting. The NFL has scheduled a record nine international games across seven countries for the 2026 season, cementing Jacksonville's role as one of the league's flagship franchises in its global push — a theme Ozanian also raised with Khan during the CNBC interview.
Community Investment Alongside Commercial Growth
Khan's ownership has paired its commercial expansion with local philanthropy. The Jaguars Foundation and related team initiatives have supported Northeast Florida nonprofits, including $5 million to the Museum of Science & History and $1 million toward historic Eastside neighborhood revitalization, Hoodline reported. The $1.4 billion stadium deal itself also included a separate $300 million community benefits package split between the city and the team.
Whether the franchise's rapid business growth will be matched by sustained success on the field remains an open question for Jacksonville fans, as does the return local taxpayers will see on their $775 million commitment. For now, Khan's message to CNBC was one of confidence in the underlying asset: an NFL franchise, and a league, he believes still has room to climb.
