The American football team have been valued at $4bn (£2.6bn) in Forbes' latest valuations of NFL franchises, putting them above Real Madrid who the magazine said were worth $3.3bn in July.
Despite not having appeared in the Super Bowl for nearly two decades, last year the Dallas Cowboys generated revenue of $620m, a record for an American sports team.
The franchise boasted a huge average attendance of 90,000 last season - the biggest in the NFL - at the AT&T stadium, generating $120m.
After Real Madrid, Barcelona are the next most valuable football team in the world with a $3.2bn valuation according to Forbes.
Yet the NFL - which could soon have a franchise London - is catching up. The 32 franchises enjoy an equal share of $4.4bn in broadcasting revenue (only the Premier League makes more) which has helped drive a 38 per cent increase in their average value to £1.3bn.
|Team||Valuation (according to Forbes)|
|Dallas Cowboys (American football)||$4bn|
|Real Madrid (Football)||$3.26bn|
|New England Patriots (American football)||$3.2bn|
|New York Yankees (Baseball)||$3.2bn|