The New York Knicks may be mired in a slump when it comes to wins and losses, but they certainly aren’t in one when it comes to franchise value.
According to Forbes Magazine, the Knicks are the NBA’s most valuable team. The magazine’s most recent franchise valuations say the team is worth $1.1 billion. The Knicks surpassed the Los Angeles Lakers ($1 billion) as the NBA’s most valuable franchise. They also saw a whopping 41 percent increase from last time Forbes released franchise values last year.
So much for the Knicks losing value after allowing Jeremy Lin to sign with the Houston Rockets, as many predicted they would.
Forbes credits the rapid increase in value to the ongoing renovation of Madison Square Garden, an increase in television ratings and merchandising sales, and the team’s on-court success. They also estimate that the $980 million renovation of Madison Square Garden has helped produce $243 million in revenue for the Knicks, the highest profit in the NBA.
They also report that ratings for Knicks games were up 74 percent compared to the same period last season. As far as merchandise, the Knicks jersey was the top-selling jersey in the league from April 2012 through Nov. 26, 2012.
The Knicks ranked second in the NBA in terms of value last year, behind the Lakers. They were worth $780 million, according to Forbes.
According to Forbes, the average NBA team is worth $509 million, a 30 percent increase from last season.
Here is the complete list according to Forbes.
- New York Knicks: $1.1 billion
- Los Angeles Lakers: $1 billion
- Chicago Bulls: $800MM
- Boston Celtics: $730MM
- Dallas Mavericks: $685MM
- Miami Heat: $625MM
- Houston Rockets: $568MM
- Golden State Warriors: $555MM
- Brooklyn Nets: $530MM
- San Antonio Spurs: $527MM
- Sacramento Kings: $525MM
- Oklahoma City Thunder: $475MM
- Phoenix Suns: $474MM
- Orlando Magic: $470MM
- Portland Trail Blazers: $457MM
- Cleveland Cavaliers: $434MM
- Utah Jazz: $432MM
- Los Angeles Clippers: $430MM
- Denver Nuggets: $427MM
- Philadelphia 76ers: $418MM
- Toronto Raptors: $405MM
- Detroit Pistons: $400MM
- Washington Wizards: $397MM
- Indiana Pacers: $383MM
- Memphis Grizzlies: $377MM
- Minnesota Timberwolves: $364MM
- New Orleans Hornets: $340MM
- Atlanta Hawks: $316MM
- Charlotte Bobcats: $315MM
- Milwaukee Bucks: $312MM
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