NEW YORK – The failure to win on the court isn’t stopping the New York Knicks from growing in value. According to Forbes Magazine, the Knickerbockers’ NBA franchise grew by over 15 percent in the last year and is now worth a league-high $4.6 billion.
The increase has occurred despite the Knicks (17-37) closing in on their seventh straight losing season. New York is nearly assured of missing the playoffs for the seventh straight season and 13th in the past 16.
According to Forbes, only the NFL’s Dallas Cowboys ($5.5 billion) are worth more than the Knicks among North American sports franchises. League wide, Forbes rates the average of NBA franchises above $2 billion for the first time. The magazine lists the average value at $2.12 billion.
Slightly behind the Knicks are the Los Angeles Lakers (-3) ($4.4 billion) and Golden State Warriors ($4.3 billion).
The Chicago Bulls ($3.2 billion) and Boston Celtics ($3.1 billion) also are worth more than $3 billion.
The Los Angeles Clippers, recently purchased by Steve Ballmer at an even $2B, are now worth $2.6 billion and rank sixth, followed by the Brooklyn Nets ($2.5 billion), Houston Rockets ($2.475 million), Dallas Mavericks ($2.4 billion) and the defending NBA champion Toronto Raptors ($2.1 billion US).
The Raptors were valued at $125M when the NBA awarded their expansion franchise in 1994-95.