Mark Cuban eyes a stake in the Dallas Cowboys as owner Jerry Jones mulls the idea of a minority sale

“If you’re me, you would be open to that because of the man,” Jones said to the Dallas Morning News. “I have all the respect in the world for him and I know what he did for the Mavericks.”

This potential deal is only possible because of a recent NFL rule change that now allows private equity firms to invest in NFL teams. Here’s what to know about the current state of this nascent deal and the rule change that could allow it to happen.

Far from a done deal

As of now, neither Cuban nor Jones have made any firm plans to go through with the sale. And Stephen Jones, Jerry’s son and Dallas Cowboy’s co-owner, says the company wouldn’t easily agree to a minority sale to someone else.

Stephen also said the Cowboys would be “very particular in who we would bring in as a partner” in an interview with 105.3 The Fan.

“It’s not something we would ever totally rule out, but I wouldn’t say anything’s on the front burner either,” he said.

Jerry Jones bought the Dallas Cowboys for around $150 million in 1989. Today, the team is worth $13 billion, according to Forbes. And while people are certainly interested in buying, Jones has been historically uninterested in selling.

“The Cowboys are just not for sale,” said Jones in a 2018 interview with Bloomberg. “They’re a long-term asset and my immediate family — which has been a part of making them what they are today — they’ll own the Cowboys long after I’m gone.”

His interest in potentially selling a minority stake to Cuban, however, marks a notable change in his approach.

“He’s in additional to financial boatstreams of your team, you want to associate with the highest quality of [a person] who loves the game and then also, at the same time, wants to do something about it,” Jones told the Dallas Morning News. “Mark leads the way in that.”

How an NFL rule change made a deal possible

This potential deal wouldn’t be permitted without a recent NFL rule change that allows some private equity firms to buy up to a 10% stake in NFL teams — a ruling that the Jones family supported.

“I think it’s a great tool,” Stephen said on 105.3 The Fan. “I think it makes the league stronger, personally.”

Other major sports leagues have already allowed private equity to invest in their teams. The NBA, MLB, NHL and MLS all put their private equity ownership caps at 30%, which is significantly more than the NFL’s 10%.