CNBC’s annual survey of the world’s largest sports ownership groups values the 20 biggest empires at a combined $225 billion, underscoring the relentless rise in franchise prices across leagues and continents. Kroenke Sports & Entertainment heads the 2025 ranking with a $21.2 billion portfolio that spans the NFL’s Los Angeles Rams, the NBA’s Denver Nuggets, the NHL’s Colorado Avalanche and Premier League club Arsenal. The Jones family, owners of the Dallas Cowboys, ranks second at $15.53 billion, while Harris Blitzer Sports & Entertainment — whose holdings include the NFL’s Washington Commanders and the NBA’s Philadelphia 76ers — is third at $14.58 billion. Fenway Sports Group and Madison Square Garden Sports round out the top five. CNBC attributes the jump in valuations to surging media rights fees and recent transactions such as the record $6.1 billion sale of the Boston Celtics. Investors continue to view multi-team portfolios as a way to spread risk and leverage shared back-office functions. Market enthusiasm is not limited to North America: a separate study by investment bank Houlihan Lokey shows the Indian Premier League’s overall business value climbing 12.9% to $18.5 billion. Following their maiden championship, Royal Challengers Bangalore have become the league’s most valuable franchise with an estimated brand value of $269 million, ahead of Mumbai Indians and Chennai Super Kings.