Today’s “sports empires”—ownership conglomera­tes with stakes in top teams, stadiums, collectibl­es and TV networks—are more valuable than ever. Top of the heap is Colorado’s Liberty Media, whose enterprise value jumped 32% from last year, driven primarily by big gains in revenue and operating income from the World Series–winning Atlanta Braves and F1. It also has minority stakes in the Kroenke Arena Company and assorted auto-racing leagues and teams.

1. Liberty Media • $17.2 bil

Key properties: Atlanta Braves, Formula 1

2. Kroenke Sports & Entertainm­ent • $10.5 bil

Los Angeles Rams, Colorado Avalanche, Denver Nuggets, Arsenal FC

3. Fenway Sports Group • $9.8 bil

Boston Red Sox, Liverpool FC, New England Sports Network, Pittsburgh Penguins

4. Jerry Jones • $8.9 bil

Dallas Cowboys, Complexity Gaming

5. Madison Square Garden Sports • $7.8 bil

New York Knicks, New York Rangers, Counter Logic Gaming

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