You Won’t Believe These North Carolina Pro Sports Franchise Valuations

“Aerial View of Bank of America Stadium” Licensed Under CC BY-NC-ND 1.0

Pro sports franchises have become among the most lucrative investments in existence. This makes sense when you consider they are just about the only product keeping the spirit of live television intact. You would be hard-pressed to find a state in which the valuations of pro sports franchises are not currently on the up and up.

The North Carolina market is no different. In fact, relative to other places, its teams may be enjoying a larger than average bump. And these franchises have the legalization of North Carolina sports betting at least in part to thank.

Remember, pro sports teams are no longer strictly in the business of sports themselves. Organizations effectively double as real estate and tech companies, as well as, in some ways, marketing agencies. Brandon sponsorships can inflate the valuations of franchises by considerable margins. The legalization of sports betting has shined a spotlight on The Tar Heel State in a way that directly benefits teams. Interest in the product is higher because consumers have financial commitments to outcomes. And with this added layer of intrigue comes the ability to draw in different, more lucrative partnerships and open up new revenue streams.

This is all to say: Pro sports franchise valuations in North Carolina are on the rise. But by how much? That’s what we are here to answer.

Our valuation figures, including year-over-year price changes, will come via Forbes and are accurate as of the beginning of 2025.

1. Carolina Panthers (NFL) – $5.7 Billion

Year-over-Year Valuation Change: 27 percent

A 27 percent valuation increase is fairly massive in NFL parlance. The National Football League is so maxed out that you typically see more incremental changes. Years in which a new media-rights deal takes effect tends to be an exception. That’s about it. 

The Carolina Panthers’ precipitous rise just so happens to coincide with the North Carolina sports betting launch in March 2024. Coincidence? For a team that has not won more than seven games in seven years, we think not.

Perhaps the most absurd thing about this valuation? That would be the fact that Forbes has the Panthers as the NFL’s 27th-most valuable franchise. While they will never reach the level of the Dallas Cowboys ($10.5 billion), a 27th-place finish is proof the franchise actually has plenty of room to grow. 

2. Charlotte Hornets (NBA) – $3.3 Billion

Year-over-Year Valuation Change: 10 percent

The Charlotte Hornets are far from the standard-bearer for NBA success. They have not appeared in the playoffs since 2016. What’s more, they have not won a postseason series since 2002.

And yet, they are a multi-billion dollar operation anyway.

This has a lot to do with an ongoing trend in the NBA at large. Hedge-fund firms are becoming more active investors in teams. That has driven the price of franchises through the roof. 

To that end, Michael Jordan sold his majority stake in the Hornets back in 2023 at a valuation of $3 billion—a truly massive number when you consider the organization’s lack of success, and the fact that the Minnesota Timberwolves were sold at a valuation of around “just” $2 billion within a similar window.

Gabe Plotkin and Rick Schnall are the brains behind the current ownership group. As you can tell, despite failing to win many games during their tenure, their investment has not suffered. Between the rollout of North Carolina sports betting and the Association’s freshly minted media-rights deal with Disney, Amazon and NBC, the Hornets’ value continues to climb. 

3. Carolina Hurricanes (NHL) – $1.25 Billion

Year-over-Year Valuation Change: 51 percent

Entering this year, it was not clear whether the Carolina Hurricanes would receive the much-desired billion-dollar valuation. 

So much for that.

While a 51 percent year-over-year increase is patently absurd, it can also be explained. Sure, bagging seven consecutive playoff berths, including a conference finals appearance in 2025, certainly helps. But the stage was set for a massive valuation bump given sports betting legalization and some recent transactions.

Most notably, the Pittsburgh Penguins are expected to fetch a premium now that they are up for sale. According to multiple outlets, the Fenway Sports Group could be on track to purchase the NHL franchise for around $1.75 billion. That is, of course, a premium to this valuation. But pro-sports sales often bake in projections for future growth.

In this case, the Hurricanes’ value gets a major lift from expansion possibilities in the NHL. Experts estimate that expansion fees could approach $2 billion per new team. That money automatically goes into every other owners’ revenue stream, which serves to inflate immediate and future valuation forecasts.

4. Charlotte FC (MLS) – $700 Million

Year-over-Year Valuation Change: 1 percent

Compared to its North Carolina market peers, Charlotte FC’s valuation is both modest and not benefiting from a noticeable climb. This is somewhat surprising on the heels of a year in which sports betting debuted. At the same time, it is not exactly shocking.

Major League Soccer remains a fledgling industry in the United States. To be sure, it is a growth sport. Interest in games and franchise valuations are both at all-time highs. But the most appreciable differences are coming in glamour markets like Los Angeles and New York—for the time being.

It is not clear when this will change. If we are being honest, it probably will not be until MLS secures its next media-rights deal. At that point, we should see an infusion of revenue into every franchise. 

Regardless, at the rate of MLS’ overall growth, there’s a chance that Charlotte FC crosses into billion-dollar territory by the end of the decade, if not the early 2030s.