The New York Knicks are the most valuable franchise in the NBA, according to Forbes Magazine. The team is worth an estimated $3 billion, which is about $300 million more than last year’s top contender, the L.A. Lakers. The team, which finished in 13th place in the Eastern Conference with a record of 32-50 are officially the highest valuation from Forbes for an NBA squad.
Among NBA teams, the Chicago Bulls are the third most valuable team on the list at $2.3 billion and the Brooklyn Nets are worth $1.7 billion.
The $24 billion contract between ESPN and Turner Broadcasting raises the values of every NBA franchise. Despite the Knicks missing the playoffs for the third consecutive season, the team profited from a 31% boost in local TV ratings last season the New York Daily News reported.
The recent $1 billion renovation at Madison Square Garden also massively contributed to the increase of the franchise’s valuation. The latest acquisitions of Derrick Rose and Joakim Noah will catapult interests figures to greater heights next season.
The Dallas Cowboys, worth $4 billion snatched the Number 1 spot from Spanish soccer phenoms Real Madrid, which fell to Number 2, boasting $3.65 billion. Other international soccer organizations Manchester United and Barcelona round out the top 5. Of domestic teams, the New England Patriots, the Washington Redskins, the New York Giants, along with the Knicks and Lakers round out the top 10.
Of NFL franchises, 27 are in the top 50, but the Yankees are the only baseball team in the top 10. The New York team has the fourth highest franchise value at $3.4 billion, which increased by 6% from last year.
Image: Associated Press