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New York Knicks still the most valuable NBA team – Forbes
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Head coach Tom Thibodeau of the New York Knicks speaks with Julius Randle #30 during the game against the Miami Heat at Madison Square Garden on February 07, 2021 in New York City. Mandatory Credit: Mike Stobe/Pool Photo-USA TODAY Sports / file photo The New York Knicks are the NBA’s most valuable team for a sixth consecutive year, according to the annual list published by Forbes on Wednesday that showed massive TV contracts helped cushion the hit on profits from the COVID-19 pandemic. The Knicks, who have just one playoff series victory since 2000 and last won an NBA title in 1973, are now worth $5 billion, up 8.7% from a year ago, according to Forbes The increase in the Knicks’ value was largely attributable to the renovation of their arena, a blockbuster local TV deal and playing in the richest North American sports market. The Golden State Warriors ($4.7 billion), who moved into a state-of-the-art building last season, reigning NBA champion Los Angeles Lakers ($4.6 billion), Chicago Bulls ($3.3 billion) and Boston Celtics ($3.2 billion) rounded out the top five. Golden State Warriors guard Stephen Curry (30) celebrates after a basket against the Portland Trail Blazers during the fourth quarter for a career-high 62 point game for Curry at Chase Center. Mandatory Credit: Kelley L Cox-USA TODAY Sports / file photo Forbes said the average value of the NBA’s 30 teams rose 4% to $2.2 billion. NBA teams had played about 80% of their regular-season games last season when play was halted due to the COVID-19 outbreak and missed out on arena revenue from playoff games as the league held its postseason in a restricted campus at Disney World. But Forbes said average team profits, as measured by earnings before interest, taxes, depreciation and amortization, fell only 12% to $62 million thanks to a TV deal that paid in full, as well as a reduction in player salaries as defined in the NBA’s collective bargaining agreement. gsg Read Next Don't miss out on the latest news and information. Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000. For feedback, complaints, or inquiries, contact us.
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