Forbes List: New York Knicks are the NBA’s Most Valuable Team

Forbes List: New York Knicks are the NBA’s Most Valuable Team

After a one year hiatus, The New York Knicks are once again the most valuable franchise in the NBA.

According to Forbes’ latest franchise valuation as published on Wednesday, the current value of Knicks stands at $3 billion. Forbes attributed the deal breaker to Knicks’ television deal and a completely renovated Madison Square Garden with the highest suite prices in the league.

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LA Lakers who have had a worst season came in a close second from their last year’s top spot at $2.7 billion followed by Chicago Bulls at $2.3 billion, Boston Celtics at $2.1 billion and the Los Angeles Clippers at $2 billion.

New York Knicks’ current owners bought the Knicks, the NHL’s Rangers, Madison Square Garden and the MSG Network for $1.1 billion in 1994, which is quite an investment considering Knicks’ current market value.

Golden State Warriors however, have seen an impressive rise in the franchise valuation. Purchased by Joe Lacob and Peter Guber for $450 million in July, 2010, Warriors are now the sixth most valuable teams in NBA standing at $1.9 billion.

The Dallas Mavericks bought by Mark Cuban in 2000 for $285 million are close behind and are now worth $1.4 billion.

Michael Jordan who owns 93 percent of the Charlotte Hornets and bought 80 percent of the team on a $275 million valuation in 2010, stands at eight position. According to Forbes, the team is now worth $750 million.

The least valuable team in the league however, is the New Orleans Pelicans. Purchased by Tom Benson at $338 million in 2012, the current value of the team stands at  $650 million.

According to Forbes, the league’s 30 teams have generated $5.2 billion in revenue last season and additional $900 million in operating profit (earnings before interest, taxes, depreciation and amortization).