(CNN) - The Dallas Cowboys is the most valuable sports team in the world according to Forbes, worth a staggering $5 billion.
It's the fourth consecutive year that the NFL outfit has topped the rankings, this year fending off competition from teams from the worlds of baseball, basketball and European soccer.
Owned by businessman Jerry Jones, the defending NFC East champions generate twice as much sponsorship and seating revenue at its AT&T Stadium than any other team.
Major League Baseball (MLB) outfit New York Yankees jumped up from fifth last year to second, with its value coming in at $4.6 billion -- an annual increase of 15%.
Coming in at third place, Real Madrid is ranked as the most valuable soccer team in the world.
The Spanish side may have struggled on the field last season, finishing third in La Liga, but that had little impact on its financial power with its value increasing 4% to $4.2 billion.
Just behind is Madrid's fierce rival Barcelona with the Catalan club worth $4.02 billion after winning the Spanish domestic league. NBA side New York Knicks make up the top five.
Forbes' valuations suggest the NFL is the most powerful sports league in the world, accounting for more than half of the current top 50. This is due to rocketing broadcast contracts that cannot be compared to with other sports.
The MLB has seven teams in the list while the NBA has nine and European soccer eight.
"The values of teams in major sports leagues are booming thanks to sky-high TV deals, both local and national," said Kurt Badenhausen, Senior Editor, Forbes Media.
"And with revenue growing faster than player salaries, franchises are more profitable than they have ever been."
The enterprise valuations are based on the team's current stadium deals and takes into consideration clubs from the world of NFL, NHL, NBA, MLB, F1, soccer, and Nascar.
Incredibly, every NFL, NBA and MLB franchise is now worth at least $1 billion.
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