This paper examines the franchise values of American professional sports teams in the NBA, the NFL, and the NHL. It is argued that team franchise values depend on the ownership status of the facility in which the team plays. If a team owns its playing facility, it capitalizes the value of the facility in the team franchise value, driving the latter higher. If a team plays in a facility owned by another entity, the franchise value should be lower. The empirical evidence suggests that the franchise values of NFL and NHL teams are higher for teams that own their playing facilities. No such effect is found for NBA teams.