THE NFL’s Dallas Cowboys have overtaken Spanish football side Real Madrid to top Forbes’ annual list of the world’s 50 most valuable sports teams.

The business publication has estimated the Cowboys are worth $5.6 billion – a 25% increase on last year’s figure – ahead of 10-time European champion Real on $4.8 billion.

It is the first time a non-soccer club has taken top spot since the list’s inception in 2011, with Manchester United No.1 in the first two years and Real Madrid the following three.

Forbes senior editor Kurt Badenhausen said lucrative TV contracts were fuelling unprecedented increases in the value of sports teams around the globe.

The average value of a top 50 franchise had doubled over the past four years, he said, and the NFL’s rich broadcast TV contracts were the envy of every other league.

Twenty-seven NFL franchises made the top 50.

The 10 most valuable teams:

1. Dallas Cowboys – $5.3 billion

2. Real Madrid – $4.8 billion

3. Barcelona – $4.7 billion

4. New York Yankees – $4.5 billion

5. Manchester United – $4.4 billion

6. New England Patriots – $4.2 billion

7. New York Knicks – $3.9 billion

8. Washington Redskins – $3.75 billion

9. New York Giants – $3.7 billion

10. Los Angeles Lakers/San Francisco 49ers – $3.5 billion each