Jerry Jones’ success in sports unlocked a slew of other promising ventures, including a return to the energy business, which could be his biggest financial victory yet.
n Thanksgiving Day, Jerry Jones has plenty to be grateful for. A quiet afternoon is not one of them, and he wouldn’t have it any other way.
Former Cowboys president and general manager Tex Schramm built the organization's first two Super Bowl winning teams, in 1971 and 1977. He left the organization shortly after Jerry Jones became owner.When Jones purchased the Cowboys in 1989, it was a fool’s bet. No NFL team had sold for a nine-figure sum back then and the organization was a mess, hemorrhaging $1 million each month.
Jones signed independent stadium sponsorship deals with American Express, Nike, Dr Pepper and Pepsi, irking the NFL’s licensing arm in the process on the grounds that these partnerships violated league-wide sponsorship agreements. The league sued for $300 million in 1995 and Jones countered for $750 million. He won—the Cowboys and the NFL settled in December 1996—without a monetary award, and teams gained more control of their marketing rights than ever.
Jones loved the idea, and so did the city of Frisco. He spent $15.6 million to purchase 59 acres while the city kept ownership over the other 32 and provided $150 million in economic incentives. Glendenning recalls they finished the deal in under 30 days, which is “almost unheard of [and] may have been a record.”
He sits at a glass-top table in the middle of the room, wearing a navy-blue suit with a Cowboys star pinned on the lapel. Jones is excited, talking about something that has nothing to do with football or The Star. He holds up a multi-colored diagram on a white sheet of paper. “When you kind of peel back the onion, what was he trying to do? He basically came out and said he doesn’t believe gas prices are sustainable at the $2 and change level, and that they were going to go up over time,” says MKM Partners energy analyst Leo Mariani. “And he was wrong for the first few years of his bet, but now he’s been very much right in the last 12 to 16 months as prices have really gone up a lot.
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