Jerry Jones weighs Cowboys stake sale with Mark Cuban

Dallas Cowboys owner Jerry Jones and entrepreneur Mark Cuban have signaled shared interest in a possible minority stake sale in the NFL franchise, according to the details described in the source material. The discussions come as the league’s ownership framework has recently changed, allowing private equity firms and institutional investors to buy up to 10 percent of an NFL team.

Officials have positioned the updated rules as a way to widen the pool of potential investors, while keeping tight limits on who can hold equity and how those holdings are structured. In this case, the mechanics of any Cowboys transaction appear to be as central as the identity of the prospective investor.

New NFL policy opens the door, but with strict conditions The contemplated investment would need to comply with the NFL’s criteria for approved entities and individuals. The source material notes that the league now permits certain institutional capital to enter team ownership, but also emphasizes that the rules impose strict standards on eligible structures.

Cuban has indicated he may seek to use his Harbinger fund for the acquisition. However, the same account states that current NFL regulations do not include Harbinger among the pre-approved private equity vehicles that can buy stakes in teams.

Harbinger fund is a hurdle for the structure of any deal Because Harbinger is not listed among the approved vehicles, any agreement would likely need an alternate approach to satisfy league requirements. The source material describes two broad paths: reworking the investment vehicle to meet NFL standards or having Cuban buy the stake directly in a personal capacity.

The outcome matters beyond this single transaction. The Cowboys discussions are portrayed as an early test case for how aggressively the league reviews new structures under the revised policy and how it treats direct personal ownership compared with fund-based participation from non-approved entities.

Jones emphasizes strategic partners, not just capital Jones’s interest is framed as extending beyond financing. He has said he wants high-profile partners, and he has expressed strong respect for Cuban, pointing to Cuban’s influence on the Dallas Mavericks and on basketball more broadly.

That preference signals a focus on partners who bring strategic value and demonstrated engagement with professional sports. As described, it also implies that any compliant structure may need to reflect Cuban’s personal involvement to align with the type of partnership Jones says he is seeking.

Approval process and valuation set the stakes

If a partnership moves forward, the source material says it would represent a notable change in the ownership mix of what it calls the league’s most valuable franchise, valued at over $9 billion. The timing would depend on securing NFL finance committee approval and finalizing an investment structure consistent with league bylaws on ownership diversification.

For now, the feasibility and pace of any agreement are tied to how the NFL applies its updated rules to this proposed structure, especially regarding investments routed through a fund that is not on the league’s pre-approved list.