Big surprise: a team based in New York City is wealthy.
According to Forbes, the New York Knicks are the most valuable team in the NBA. They’re worth approximately $3 billion following their recently locked up television deal with the MSG regional network. The Knicks’ television deal will last twenty years, and will earn the franchise $100 million in its first year alone.
The Knicks recently expanded their premium-seating package, which brought in boatloads of new revenue. The Knicks reclaimed the title as the league’s wealthiest team from the Los Angeles Lakers, which held the spot for all of one year. The Lakers fell off a bit, but are still worth a whopping $2.7 billion. They have their own 20-year TV deal, with Time Warner Cable, which is worth $3.6 billion. The Lakers average 122,000 viewers per contest, which is down from last year, when the franchise set an NBA record for operating profits with $133 million. The Bulls are third in the league, sitting at $2.3 billion, the Celtics are fourth at $2.1 billion, and the Clippers are fifth at $1 billion.
It’s not surprising that the Knicks are the most valuable team in the NBA. Most New York-based teams are high atop the value chart in their respective leagues. The Yankees are currently worth approximately $3.2 billion, which is good for most in the MLB. The New York Rangers are the most valuable team in the NHL to date, near $1.2 billion. In the NFL the New York Giants are ranked fourth, with a total worth of $1.3 billion. The point is, most New York teams are very valuable because of the fact that they’re based in the country’s largest market.
Let’s explore some other reasons why the New York Knicks sit atop the financial charts in the NBA.
The Knicks have become a very fun team. Led by superstar forward Carmelo Anthony, who can drain a shot from any spot on the court, the Knicks have become a relevant team again in the Eastern Conference. The Knicks have a breakout rookie sensation in their Latvian center, Kristaps Porzingis. He has become not just a good contributor to the Knicks, but a nationally recognized young talent. He’s so well-liked across the country that he’s number four in jersey sales across the NBA this season.
The Knicks also have solid veteran players such as Aaron Afflalo, Jose Calderon, and Robin Lopez. However, Knicks fans also have a lot of good things to look forward to in the future. With youngsters like Jerian Grant, Langston Galloway, Derrick Williams, and Cleanthony Early to add to Porzingis, the Knicks have a very dynamic young core of quality future NBA players.
An interesting thing to think about is where the Lakers will be on the financial charts next season without Kobe Bryant. The Lakers should stay near the top, because of their brand and their market. However, one should bet that they will remain behind the Knicks, because the Knicks are on the up, while the Kobe-less Lakers don’t have nearly as much to look forward to.