Showing that on field performance doesn’t necessarily equate to monetary worth, the Dallas Cowboys have been named the world’s most valuable sports team by Forbes magazine.

In the publication’s fourth annual survey of sports teams the Cowboys, who have not won a Super Bowl for 20 years, have been given an overall value of $4 billion. That valuation edges out famous international teams like Spanish soccer sides Real Madrid and Barcelona.

Manchester United, which many sports experts say is historically the sports team with the world’s highest profile, didn’t even make the top five. The English Premier League team was valued at $3.1bn, thanks mainly to annual revenues of $703 million and its ten year sponsorship deal with Adidas that is worth $1.1 billion.

Two other American sports clubs made the top five list of :

  • Dallas Cowboys – $4 billion
  • Real Madrid – $3.26 billion
  • Barcelona – $3.16 billion
  • New York Yankees – $3.2 billion
  • New England Patriots – $3.2 billion.
  • The Cowboys’ valuation by Forbes was attributed to playing in a large market, revenues from the team’s multi-purpose home stadium, which is used for events ranging from concerts to rodeos, “shrewd” marketing and the leadership of current owner Jerry Jones. Despite not having had Championship success for two decades, the Cowboys draw an average 90,000 fans to each home game.

    In 2014, the Cowboys had reported revenues of $620 million, which was a U.S. record. That figure includes in-game premium seating revenue of $120 million and stadium revenue generated from non-NFL events of $30 million.

    Jones bought the team in 1989 for $140 million.

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