According to The BelleReport.com
New York Knicks Ranked ‘Most Valuable NBA Team’ By Forbes
Forbes released its annual list of the “NBA’s Most Valuable Teams” on Wednesday (January 26), and the New York Knicks replaced the Los Angeles Lakers at the top of the list as the most valuable franchise in the league from last year.
Since the signing of Amar’e Stoudemire in the off-season, the Knicks upped its value to $655 million, up 12% from last year, while the Lakers only rose 6% from $607 million to $643 million, reports Forbes.com.
“The Knicks sold out their full-season ticket inventory for the first time since the 2001-02 season,” the magazine said. “The Knicks’ parent company, Madison Square Garden, Inc., signed a sponsorship deal with JPMorgan Chase in September that’s worth at least $30 million a year over 10 years.”
The Chicago Bulls were third at $511 million, followed by the Boston Celtics at $452 million, the Houston Rockets rounding out the top 5 at $443 million.
While Lebron James’ Miami Heat came in at #7, valued at $425 million, the team recorded the biggest gain. Forbes says that King James made the biggest impact on a team’s value in the NBA’s 64-year history when he switched teams in the off-season, helping the Heat increase its value by 17%, and accounting for his former team, the Cleveland Cavaliers’s sharp decline.
The Cavs plummeted 26% to $355 million, ranking 15th among all NBA teams.
Thanks to the pairing of James with Dwyane Wade, the Heat sold out their season ticket inventory for the 2010-11 campaign after four straight years of attendance declines, and now, ticket prices are set to increase next year due to ratings spikes for Heat games.
However, the Cavs have only managed to win eight of their first 45 games this year after winning more than 60 games each of the past two seasons. It’s so bad, owner Dan Gilbert recently announced that prices for Cavs games would be lowered next season.
Overall, the average value of an NBA franchise increased 1% to $369 million, down from $379 million two years ago.
Forbes estimated teams averaged $6.1 million in operating income. It said the total of teams that lost money is the most since the lockout-shortened 1998-99 season.
Another interesting tidbit was that all three Texas-based NBA teams ranked in the top 10 — Houston at 5, Dallas at 6, and the San Antonio Spurs at 9.
Below is the team values, ranked by Forbes:
1 – New York Knicks – $655
2 – Los Angeles Lakers – $643
3 – Chicago Bulls – $511
4 – Boston Celtics – $452
5 – Houston Rockets – $443
6 – Dallas Mavericks – $438
7 – Miami Heat – $425
8 – Phoenix Suns – $411
9 – San Antonio Spurs – $404
10 – Toronto Raptors – $399
11 – Orlando Magic – $385
12 – Golden State Warriors – $363
13 – Detroit Pistons – $360
14 – Portland Trail Blazers – $356
15 – Cleveland Cavaliers – $355
16 – Utah Jazz – $343
17 – Philadelphis 76ers – $330
18 – Oklahoma City Thunder – $329
19 – Washington Wizards – $322
20 – Denver Nuggets – $316
21 – New Jersey Nets – $312
22 – Los Angeles Clippers – $305
23 – Atlanta Hawks – $295
24 – Sacramento Kings – $293
25 – Charlotte Bobcats – $281
26 – New Orleans Hornets – $280
27 – Indiana Pacers – $269
28 – Memphis Grizzles – $266
29 – Minnesota Timberwolves – $264
30 – Milwaukee Bucks – $258
