According to the latest reports by Forbes, despite a burning basketball fiasco in Madison Square Garden, the Knicks are the NBAs most valuable team for the second straight year, worth $3.3 billion, up 10% over last year.
Now does everyone understand why James Dolan doesn’t give a Lamborghini Veneno what you think about how his security disrespectfully handled Charles Oakley at MSG the other night?
Said Forbes: The Knicks have been shut out of the playoffs since 2013, but they are reaping the rewards of a $1 billion renovation of Madison Square Garden, which produced new revenue opportunities from sponsorships and seating. The team turned an NBA-record operating profit of $141 million last season despite a 32-50 tally on the hardwood. It was the first season of the teams new local cable deal with MSG, which paid $100 million in year one.
The Lakers are worth $3 billion, up 11%. Last season was the worst in franchise history on the court, but the team still made a mint as fans flocked to the Staples Center to see the Kobe Bryant retirement tour. The team sold out Staples per usual with courtside seats costing $2,750 per game. Bryant’s final game featured $1.2 million worth of Kobe merchandise sold, setting a one-day sales record for an arena. The Lakers banked $119 million in profit, second most behind the Knicks.
At the end of last season, Cleveland was the NBA champs and had LeBron James, but according to Forbes James Dolans franchise was the most valuable in the NBA at $3 billion, rising from second in 2015 behind the Lakers. Its was a 20 percent increase from Forbes 2015 estimate, and at the time about $300 million more than the Lakers.
Overall, the Knicks were the seventh most valuable franchise in the world behind the Cowboys ($4 billion), Real Madrid ($3.65 billion), Barcelona ($3.55 billion), Yankees ($3.4 billion), Manchester United ($3.32 billion) and the Patriots ($3.2 billion). The Bulls were third most valuable NBA team on last year’s list at $2.3 billion.
The Knicks and Lakers have been the NBAs most valuable teams for nearly two decades (both have held the top spot), but in 2017, a new team has captured the third spot and this franchise is growing in popularity, status and worth daily.
The value of the Golden State Warriors jumped an NBA-high 37% to $2.6 billion, third place in the league. The Warriors are up three spots from sixth last year. The record-breaking wins, Steph Currys emergence as a back-to-back MVP shooting god and the addition of former MVP Kevin Durant to the mix this season has laid the foundation for a Golden State corporate takeover during the next five years.
The club posted the highest average cable TV rating (9.8) during the 2015-16 season, more than double the previous year. The season ticket wait list is at 32,000 with a renewal rate of 99.5%
And to top it off, unlike the Knicks and Lakers who have lost 68 percent of their games over the past three-plus seasons, the Warriors actually win.