. To no surprise, the Knicks and the Lakers topped the list of most valuable teams.
The Knicks’ value was mentioned to be $1.1 billion, which was 41 percent higher than last year. They also had the most income last season at $83 million. It helped that the Knicks made the postseason last year after mediocre play over the last decade or so. They won their first playoff game since 2001. And we can’t forget the surge in merchandise sales when Jeremy Lin burst into the scene.
As for the Lakers, it’s no surprise that their the second franchise that’s at ten figures. They’ll get more revenue soon, too, because of their 20-year, $3.6 billion television deal with Time Warner Cable. Before the season, Time Warner struck deals with various carriers such as DirecTV, Verizon, AT&T, Cox, and Charter. The Lakers, despite paying the luxury tax deal at nearly $13 million as they had the highest payroll in the league, still profited $48 million.
The move from New Jersey to Brooklyn did well for the Nets. The value of the franchise has soared 48 percent from last year to $530 million, which has made it the ninth most valuable team. The Grizzlies have also soared in value, up to $377 million, which was how much Robert Pera bought the team for from Michael Heisley. Heisley bought the team in 2000 for $160 million. The Grizzlies lost the most money last year at $25 million due to the Grizzlies’ mammoth payroll.
According to Forbes, the average NBA team is worth $509 million, a thirty percent increase from last year due to television revenue, new and renovated arenas, and the NBA’s new collective bargaining agreement. That reduced the player costs of 57 percent of revenues to just 50 percent. The Bucks have the lowest valued franchise at $312 million.