The only owner-general manager in the NFL, Jerry Jones, has floated the idea of Mark Cuban joining the Dallas Cowboys as a minority owner after his son’s recent comments. Stephen Jones, Co-Owner, COO and Executive Vice President of the Cowboys, suggested on 105.3 The Fan that while nothing is currently in motion, the team could explore selling a minority stake in the future.

This possibility stems from the NFL’s historic rule change in late 2024, which allows pre-approved private equity firms to purchase between 3% and 10% non-voting stakes. The change lets owners raise capital without surrendering operational control. Jones, who bought the Cowboys for $150 million in 1989, pointed to Cuban, minority owner of the NBA’s Dallas Mavericks, as a candidate.

“That’s exactly why if you’re me, you would be open to that is because of the man. 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. In addition to the financial benefits for your team, you want to associate with the highest quality of person who loves the game and also wants to do something about it. Mark leads the way in that,” Jones told Calvin Watkins of The Dallas Morning News.

Back in 2024, Jones said the Cowboys hadn’t considered minority ownership and that he wasn’t looking to pursue it. But the NFL as a whole has since shifted.

Since then, Ares Management acquired a 10% stake in the Miami Dolphins, Arctos Partners picked up 10% of the Buffalo Bills and 8% of the Los Angeles Chargers, and Sixth Street Partners secured a 3% piece of the New England Patriots in November 2025.

Mark Cuban is also no stranger to speculation about the NFL.

Mark Cuban’s Shift Toward NFL Investment

Speaking to The Dallas Morning News, Cuban said he would now be open to investing in the Cowboys.

“I’m sure our Harbinger fund would be open to it,” he told Watkins.

Forbes currently values the Cowboys at roughly $13 billion. A maximum 10% minority stake would equate to $1.3 billion.

However, Cuban wasn’t always “open to” the idea of owning an NFL team. Back in 2017, when the Carolina Panthers were up for sale, Cuban shut down all speculation, publicly stating that he had zero interest in buying an NFL team because he believed the league was in decline, per The Dallas Morning News‘ Brad Townsend.

Since then, Cuban co-founded Harbinger Sports Partners with Rashaun Williams, a minority owner of the Atlanta Falcons. The fund has already secured an equity stake in Major League Baseball’s Oakland Athletics. Cuban also sold his 69% majority stake in the Mavericks to the Sands/Adelson family for $3.5 billion, retaining a 27% ownership stake.

Perhaps what changed his mind was his admiration for Jerry Jones.

“The difference between us is Jerry saw the whole thing as a business… When he talks about running this thing as a business and as a football team, he’s usually right,” Cuban said on Shannon Sharpe’s Club Shay Shay podcast in September 2024.

Whether either side pursues this venture remains to be seen.