How Jerry Jones Built His Billion-Dollar Fortune: A Closer Look at His Net Worth
Jerry Jones, the owner of the Dallas Cowboys, is one of the most prominent sports team owners in the world. Forbes estimates his net worth to be $9.2 billion, making him the 154th richest person on the planet. But how did he build his fortune? In this blog post, we take a closer look at how Jerry Jones became a billionaire and what factors led to his success.
Jerry Jones’s Background & Early Life
Jerry Jones was born into a wealthy family in Los Angeles, California, in 1942. His father was an oil and gas businessman, and his mother was a homemaker. Jones attended the University of Arkansas, where he played football, and earned a degree in business administration. After college, Jones worked as an executive vice president at his father’s oil and gas exploration company.
Starting His Own Business
In 1971, Jerry Jones started his own oil and gas exploration company, called Jones Oil and Land Lease. The company was successful, allowing Jones to expand and diversify his holdings. In the late 1970s, he ventured into the world of professional sports, buying and eventually selling the San Diego Chargers.
The Dallas Cowboys Purchase
In 1989, Jerry Jones made his most significant business move. He purchased the Dallas Cowboys from the original owner, H.R. “Bum” Bright, for $150 million. At the time, the Cowboys were a declining team with a loyal but frustrated fan base. Jerry Jones took a bold approach to turning the franchise around, a decision that would ultimately lead to his great fortune.
Building a Winning Franchise
Jerry Jones quickly made changes to the team, hiring a new coach, Jimmy Johnson, and implementing a new management structure. The changes paid off, and the team won three Super Bowls in four years in the early 1990s. During this time, Jerry Jones became one of the most visible owners in pro sports, regularly appearing on TV shows and in commercials.
The Role of Stadiums
In addition to building a winning team, Jerry Jones recognized the importance of modern stadiums in generating revenue for sports franchises. In 2009, he opened AT&T Stadium, a state-of-the-art facility with a retractable roof and enormous video screens. The stadium cost over $1 billion to build, but it has since become one of the most profitable venues in the world, hosting everything from NFL games to concerts and corporate events.
Jerry Jones’s Investments
Jerry Jones’s success with the Cowboys and AT&T Stadium has allowed him to make significant investments in other ventures. He owns a 50% stake in Comstock Resources, an oil and gas exploration company, and has invested in a variety of other companies. He also has a stake in esports organization Complexity Gaming, showing a willingness to adapt to the changing nature of the sports industry.
FAQs
Q: What is Jerry Jones’s net worth?
A: Forbes estimates Jerry Jones’s net worth to be $9.2 billion.
Q: How did Jerry Jones make his money?
A: Jerry Jones made his fortune through his investments in oil and gas exploration, sports team ownership, and modern stadium development.
Q: How many NFL championships have the Cowboys won under Jerry Jones’s ownership?
A: The Cowboys have won three Super Bowls under Jerry Jones’s ownership.
Q: What makes AT&T Stadium unique?
A: AT&T Stadium features a retractable roof and enormous video screens, making it one of the most modern and technologically advanced stadiums in the world.
Q: Does Jerry Jones invest in esports?
A: Yes, Jerry Jones has a stake in Complexity Gaming, an esports organization.
Q: What other investments has Jerry Jones made?
A: Jerry Jones has invested in a variety of companies beyond his oil and gas exploration and sports team ownership interests.
Q: How does Jerry Jones contribute to philanthropic causes?
A: Jones has donated millions of dollars to a variety of charitable organizations, including education, healthcare, and disaster relief efforts.
Conclusion
Jerry Jones’s rise to becoming a billionaire is a testament to his business acumen, hard work, and willingness to take risks. His investments in oil and gas exploration, sports team ownership, and stadium development have paid off handsomely, allowing him to become one of the richest people in the world. Jerry Jones’s success is also a reminder that opportunities can arise in unexpected places, and those who recognize and capitalize on them can achieve great things. Whether it’s investing in a new technology or taking a new approach to an old problem, there’s always room to innovate and succeed. So, take a page from Jerry Jones’s playbook and dream big. Who knows where it might take you?