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Forbes ranks Knicks, Lakers atop valuations list
Posted By HOOPSWORLD On January 23, 2013 @ 8:00 pm In All,Wirenews | Comments Disabled
by Jeff Zillgitt, USA TODAY Sports
Two NBA teams are worth at least – in your best Dr. Evil voice – one billion dollars, according to Forbes‘ annual NBA team valuations released Wednesday.
The New York Knicks were valued at $1.1 billion and the Los Angeles Lakers at $1 billion – a 41% increase for the Knicks and an 11% increase for the Lakers from last year.
The move to Brooklyn paid off for the Nets, going from $357 million last year to $530 million this year, according to Forbes, and the potential sale of Sacramento Kings to a group intent on moving the team to Seattle increased the value of the Kings from $300 million to $525 million.
Those weren’t the only teams on the rise, Forbes reported. Every team had an increase in value, including the recently-sold Memphis Grizzlies, valued at $377 million, up from $269 million. The Chicago Bulls were valued at 800 million (up from 600 million), the Boston Celtics at 730 million (up from $482 million) and Dallas Mavericks were at $685 million, up from $497 million.
Winning the NBA title didn’t hurt the Miami Heat or owner Micky Arison – valued at $625 million, up from $457 million. The Toronto Raptors had the smallest increase in value at 6%, Forbes reported, but are still worth $405 million. The New Orleans Hornets were valued at $340 million, almost nine months after New Orleans Saints owner Tom Benson bought the team from the NBA for $338 million.
Privately, the NBA downplays those figures, doubting the accuracy without full access to each team’s financial statements. Regardless of how the NBA views the Forbes valuations, the bottom line is this: the business of basketball recovered nicely from the pre-lockout financial losses and prospered financially in short time post-lockout.
Eight teams lost money and 22 made money last year based on earnings before interest, taxes, depreciation and amortization, Forbes reported.
If you’re wondering why there was a lockout in 2011 that led to a shortened season, there’s your answer. NBA Commissioner David Stern said in April of 2011 that 22 teams would lose money that year and just eight would profit … [For more on 'Forbes' ranks Knicks, Lakers atop annual valuations list, click here.]
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