The Colts are No. 23 on the magazine’s list of the world’s 50 most valuable sports teams, but they are 11th among NFL franchises. According to the magazine, the Jim Irsay-owned Colts are worth $1.2 billion.
The top three teams on the list are all soccer teams: Real Madrid ($3.44 billion), Barcelona ($3.2 billion) and Manchester United ($2.81 billion). The Dallas Cowboys ($2.3 billion) are the highest-ranked NFL team, coming in fifth.
Forbes has been compiling its annual rankings of team values in the major sports leagues since 1998. The top 50 list is based on the magazine’s published valuations for the NFL, NHL, NBA, MLB, NASCAR, and soccer over the past year.