Jan. 24 (Bloomberg) -- The New York Knicks ousted the Los Angeles Lakers as the National Basketball Association’s most valuable franchise with their estimated worth rising 41 percent to $1.1 billion due mainly to a $980 million renovation of Madison Square Garden, according to Forbes.
The makeover of the arena, which probably will be completed this year, helped push the team’s revenue to a league-leading $243 million, Forbes said in its annual ranking of team values. New York’s operating income was the NBA’s highest for the third straight season, Forbes said, and the team won a playoff game for the first time since 2001.
The Lakers rank No. 2 with a value of $1 billion, up 11 percent from last year. The Knicks and Lakers, who start a new 20-year, $3.6 billion television contract with Time Warner Cable this season, are the first NBA teams worth $1 billion.
The average value of a team is $509 million, Forbes said, an increase of 30 percent over last year because of the league’s new collective bargaining agreement, more television revenue and new and renovated arenas.
The Nets’ jumped 48 percent in value to $530 million after the team’s relocation to Brooklyn from New Jersey, and now rank ninth out of the NBA’s 30 teams. Forbes said the Nets may climb higher as they add the National Hockey League’s Islanders as a tenant at the $1 billion Barclays Center, helping offset operating expenses at the arena.
NBA TEAM VALUATIONS =================== Team Value Profit/Loss ---------------------------------------------------- New York Knicks $1.1b $83m Los Angeles Lakers $1.0b $48m Chicago Bulls $800m $34m Boston Celtics $730m $19m Dallas Mavericks $685m $13m Miami Heat $625m $15m Houston Rockets $568m $27m Golden State Warriors $555m $29m Brooklyn Nets $530m -$17m San Antonio Spurs $527m $15m Sacramento Kings $525m $2.6m Oklahoma City Thunder $475m $30m Phoenix Suns $474m $13m Orlando Magic $470m $12m Portland Trail Blazers $457m -$10m Cleveland Cavaliers $434m $19m Utah Jazz $432m $12m Los Angeles Clippers $430m $9.1m Denver Nuggets $427m $12m Philadelphia 76ers $418m -$0.8m Toronto Raptors $405m $19m Detroit Pistons $400m $7.7m Washington Wizards $397m $1.7m Indiana Pacers $383m $11m Memphis Grizzlies $377m -$12m Minnesota Timberwolves $364m -$4.5m New Orleans Hornets $340m $3.3m Atlanta Hawks $316m -$19m Charlotte Bobcats $315m -$13m Milwaukee Bucks $312m -$0.5m
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