The Knicks don’t need to win. Phil Jackson can needle Carmelo Anthony on Twitter. James Dolan can wade into nasty feuds with former fan-favorite players.
Why? Because Dolan still owns the most valuable franchise in the NBA.
Despite the public relations disaster of Charles Oakley’s recent ejection from Madison Square Garden and the lackluster play that likely will keep the Knicks out of the playoffs once again, the Knicks are worth an NBA-high $3.3 billion, Forbes estimated Wednesday.
That’s a 10 percent increase in value from the previous year, when Dolan’s franchise also held the league’s top valuation.
Last season, the Knicks made an NBA-record operating profit of $141 million, largely from the first season of the team’s new TV deal with MSG, which paid $100 million. Forbes also cited the revenue still being generated from the Garden’s $1 billion renovation, creating new channels for sponsorship and seating.
The Lakers ($3 billion) were ranked as the league’s second-most-valuable franchise, followed by the Warriors ($2.6 billion), Bulls ($2.5 billion) and Celtics ($2.2 billion).
The Nets, despite the league’s worst record, also benefited from playing in the New York City market, ranking seventh at a $1.8 billion valuation. The average NBA franchise is now valued at $1.36 billion, an increase of 9 percent from last year; the 30 teams made $5.9 billion in revenue last season.
Though the Cavaliers broke Cleveland’s 52-year drought without a championship, owner Dan Gilbert paid a steep price. While winning their first NBA championship, the Cavaliers lost $40 million for the season – the fifth-biggest loss in NBA history – largely due to $185 million being spent in total player costs. Two of the Western Conference’s top teams – the Clippers and Thunder – were the only other franchises to lose money, with high payrolls triggering the luxury tax.
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