Dallas Cowboys owner Jerry Jones reveals there's one billionaire he's 'open' to selling to

Thanks to some new rules, Jerry Jones may finally be open to selling.

Jones, who purchased the Dallas Cowboys in 1989, opened up recently about being willing to talk about changes in ownership, but he named only one person who he is open to having the conversation with.

'We wouldn't rule it out.'

Jones has been at the head of the table for about 37 years, winning three Super Bowls in the first half of the 1990s. However, after those near immediate successes, the trophy case has remained empty for the last three decades.

Ownership has always stayed within the family, but changes made by the NFL has Jones finally examining the possibilities. Since 2024, the NFL has allowed teams to sell upwards of 10% of ownership stakes to private equity funds.

To that end, Jones told the Dallas Morning News that even though his family isn't necessarily looking to sell any equity, he would be open to discussing the idea with one man: billionaire Mark Cuban.

"That's exactly why if you’re me, you would be open to that ... because of the man," Jones said. "I have all the respect in the world for him, and I know what he did for the Mavericks and what he's done for basketball."

Jones continued, saying that in addition to financial backing, Cuban is the type of person you want on your side.

"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. Mark leads the way in that."

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Cuban told the Dallas Morning News in response, "I'm sure our Harbinger fund would be open to it."

Cuban helped create Harbinger Sports Partners in 2025 and recently raised $450 million specifically for investments in "mature" and "profitable" U.S. sports franchises, Yahoo reported.

The revelation comes just days after Jones' son Stephen — co-owner, executive vice president, and CEO of the Cowboys — gave similar sentiments during a radio interview.

"We wouldn't rule it out," Stephen Jones told 105.3 The Fan. "But we'd also be very particular in who we would bring in as a partner in terms of that. But yes, it was designed when [the NFL] passed that rule that you could have private equity involved in the NFL and you could have minority partners, you know. It made sense for a lot of different reasons, and every owner who chooses to go that path can speak for themselves in terms of why they're doing it. But it does, I think, it's a great tool."

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PAUL K. BUCK/AFP/Getty Images

The NFL's ownership rules dictate that while teams can sell stakes to multiple funds that total up to 10%, each stake must be for at least 3%.

At the same time, one fund can hold stakes in up to six teams at once but must disclose these facts.

Jones further commented that the NFL can only be at its full potential "if it attracts capital," and the league is making that possible.

"It's a very big positive," Jones reiterated. "It's very positive for the quality of the games where you call it positive for our fans. And we'll just continue to improve what the NFL has been.”

The Cowboys are worth $13 billion, according to Forbes. A 10% stake would equate to $1.3 billion.

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