How Did Jerry Jones Make His Money

How Did Jerry Jones Make His Money – Jerry Jones has had an explosive career as a businessman and owner of the Dallas Cowboys. He bought the team when it was bleeding and then turned it into one of the richest sports organizations in the world. Jones comes from a working class family in North Little Rock, Arkansas. His father owned a grocery store, and Jones attributes much of his success to watching his father navigate the complex business world.

Jones grew up in North Little Rock where his father owned two grocery stores called Pat’s Markets. His mother, Armenita, also worked in the market as an office manager and financial secretary. Best of Arkansas Sports reports that Jones also worked at the store, making holes in watermelons so customers could control access to them.

How Did Jerry Jones Make His Money

How Did Jerry Jones Make His Money

Both shops were an important part of the community, and the Jones family were highly respected. It was such a tragedy when one of the shops caught fire in January 1958. Although the cause of the fire was never determined, Pat Jones suspected that faulty wiring caused the fire. When they lost one of their shops, the family were lucky enough that the insurance proceeds covered most of the damage.

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The family remained in the Little Rock area until Jerry graduated from high school. After that, they made their way to Springfield, Missouri, where Pat worked as president and CEO of Modern Security Life Insurance Company. The success of the company provided a comfortable life for the whole family after Pat Jones started working there.

How Did Jerry Jones Make His Money

Jerry learned many valuable lessons about business from his father. He learned how to take risks and work hard even when disaster strikes. Watching his father rise from being the owner of a small grocery store to being the president of an insurance company, the younger Jones believed that anything was possible with hard work and dedication.

After several failed business attempts and working for his father in the life insurance company, Jones started an oil and gas exploration business which quickly became profitable. In 1989, he became one of the first people to buy a sports franchise for over $100 million. Jones bought the Cowboys for $140 million. He tells Business Insider that others may have questioned his business acumen because the team was losing about a million a month when he took over.

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How Did Jerry Jones Make His Money

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Jones wasted no time turning the team around. Longtime coach Tom Landry was quickly fired and replaced by Jimmy Johnson. Then he fired the general manager and started the job himself. Rebuilding the front office allowed the Cowboys to become one of the best teams of the 1990s. The team won Super Bowls in 1992, 1993, and 1995. Today, the Cowboys are worth $4.8 billion, and Jerry Jones is one of the richest owners in the NFL.

However, it wasn’t always a good time in the front office. In 2018, CBS Dallas Fort Worth reported that an explosion and fire occurred across the street from AT&T Stadium where the Cowboys play. The fire that engulfed the street next to the stadium reminded people of the Pat’s Market fire in 1958. Fortunately, no one was hurt, and the game resumed shortly afterwards.

How Did Jerry Jones Make His Money

Although Jones went through many difficult times and failed business decisions, he took the lessons he learned from his father, of patience and hard work, and turned a team that was in financial trouble into one of the most profitable franchises in history. Jerry Jones likes to waste time. He never slept much, three or four hours most nights, and it stretched when he specifically insisted that an hour was considered the best Rip Van Winkle identity.

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The last time Jones played golf — ages ago, his children didn’t even know he ever played — he took a business deal on the first green, waved his hands and immediately walked off the course, leaving his clubs in the basket.

How Did Jerry Jones Make His Money

There are legions of stories about 4am phone calls, the person on the other end of the line not quite sure if Jones had just woken up or hadn’t fallen asleep yet. When he started doing an hour on the elliptical every morning at the age of 50, he would have a list of phone calls to make while doing so. It didn’t matter that it was six o’clock in the morning.

But at the age of 46 in 1988, Jerry Jones, the man who doesn’t want to waste a second of the day, was ready to take a few steps back, go on a trip, enjoy his family, and who knows, maybe even play golf again

How Did Jerry Jones Make His Money

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Whether this was ever an opportunity to become a reality, whether it could have kept that great mind from working 22 hours a day, is a debate for another time. The truth is, that was the plan after he and Mike McCoy sold their oil and gas company, Arkoma, for $175 million and Jerry Jr. He started his freshman year at Georgetown University.

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Jerry Jones Jr. “My parents were going to be empty nesters and enjoyed travelling. They had big plans,” he said. “I wouldn’t say he would have retired anyway; he would have done something. My dad always has to have a problem, to be honest, he can’t sit still. He’s so competitive. I think that my mother hopes he thinks he would relax, rest a little more.”

How Did Jerry Jones Make His Money

As for the latter dream, well, the NFL was changing the goalposts on Jones, the price of acceptance continued to grow, from Jerry’s bank account, at least until 1988.

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Four years ago, he, like the rest of the world, did not know that the Cowboys were for sale.

How Did Jerry Jones Make His Money

“I read it after the fact, and I did a bit of research and found out that it was a very private transaction. They had borrowed large sums from Mr [Harvey ‘Bum’] Bright’s banks,” said Jones. “At the time, I really wanted to buy the Cowboys, so I thought it was a dream come true. I have to say, at the time, I couldn’t do it financially.”

That was not the case in the fall of 1988 when word got out that the Cowboys were once again on the block. His finances, mainly through the sale of Arkoma, changed dramatically. The thing is, only a few weeks ago, Jones had told his accountant, Jack Dixon, that he had no plans to touch the money, that all the stress of the previous 25 years was behind him. There will be no more risk. He and his family are truly set for generations. It was time to rest.

How Did Jerry Jones Make His Money

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Still, these were the Cowboys. If there was one Jones family belief instilled in Jerry more than any other, it was this: No dream is too big. And there are no limits to making those dreams come true. Instinctively, they were also vulnerable. To win big, you must play a big hand.

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“Jerry called me in October, he said he was thinking of buying the Cowboys and let’s look at the books. So we contacted Solomon Brothers, who were doing the sale, and we came down to Dallas for a week,” Dixon said. “Then we went down a second time, Stephen came in, and we interviewed [longtime Cowboys president/General Manager] Tex Schramm and some financial people with the team. The asking price at the time was $200 million.

How Did Jerry Jones Make His Money

“After a month of researching it all, I told Jerry point-blank that this was too expensive and that buying the Cowboys would be financial suicide. He could have been dead on this one.”

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There was no contact for about six weeks, and then after the Cowboys finished the season 3-13, Bright reached out and lowered the asking price to $140 million — $65 million for the team and $75 million on for Texas Stadium. The deal fell through soon after, and on February 23, 1989, Dixon and Jones completed the numbers with Bright in Dallas. Jerry contributed $90 million, almost every penny he had, and borrowed the rest, putting up everything he owned as collateral. It was all.

How Did Jerry Jones Make His Money

“The cowboys were in the worst shape financially, the proud American team was under siege,” said Jones. “Part of the team was auctioned off and bought by the government. Think about that for a minute.

“You hear people say, “Jerry’s all about the money.” Hell, I spent money as fast as anybody who ever lived. Money, I don’t think about my bank accounts or like Scrooge in I don’t care about my money filters. I did it for him. It’s not my career. I did it to get things that get money. So both were my dream. I was wanted to be in football, but I wanted to gather the resources I could.”

How Did Jerry Jones Make His Money

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After signing the papers, Jones and

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