New York Knicks News 2016: Forbes Lists Knicks as the Most Valuable Team in the NBA
The New York Knicks are a team that does not need to win to become valuable. The proof of that is the latest list released by Forbes showing that the residents of Madison Square Garden are the most valuable team in the NBA.
The said list is based on a team's net worth, which basically translates to how much money is generated and earned using its name. The Knicks' current net worth is $3 billion, a figure that casual basketball fans have a difficulty in understanding. For the most part, we think teams earn money through ticket sales. But that's just a very small portion of the revenues. Next to them are the Los Angeles Lakers, which currently are worth $2.7 billion. Both these teams benefit from the rich basketball culture in their respective cities.
According to Forbes, two of the reasons why New York regained the top spot this year are the new cable deal and the $90 million premium-seating revenue. Because of a split of the media and sports assets of Madison Square Garden Company back in September, the team eventually got a new media rights deal with the MSG regional sports network. The next deal is reportedly worth $100 in its first year alone.
Get Our Latest News for FREE
The same report revealed that only three other professional sports teams are more valuable than the Knicks, and they are the Dallas Cowboys at $4 billion, New England Patriots at $3.2 billion, and the New York Yankees at $3.2 billion. Of the four, including the Knicks, only the Patriots can boast of success in winning. The Yankees missed the postseason in the MLB, along with the Cowboys in the NFL and the Knicks in the NBA last season.
Back to the NBA, New York and Los Angeles (Lakers) occupy the top 2 spots, while the Chicago Bulls, Boston Celtics, and the Los Angeles Clippers round out the top 5.
