The New York Knicks may hold the NBA's worst record this season, but for the fourth consecutive year, they top Forbes' list of the league's most valuable franchises. The struggling team's value jumped 11 percent to $4 billion, driven by new revenue streams from a $1 billion renovation to Madison Square Garden in 2013, including premium seats, suites, and sponsorships.
Despite their on-court struggles—currently 10-43 and having lost 26 of their last 28 games—the Knicks benefit from a lucrative local cable deal with their own MSG network, the second richest in the league after the Los Angeles Lakers. Owner James Dolan told ESPN in December he had received interest from potential buyers at over $5 billion, though he has not stated any intention to sell.
The Cleveland Cavaliers were the only franchise to lose value, dropping 4 percent to $1.28 billion after LeBron James' departure. They fell 10 spots to 25th on the list. The Lakers ($3.7 billion), Golden State Warriors ($3.5 billion), Chicago Bulls ($2.9 billion), and Boston Celtics ($2.8 billion) rounded out the top five.
Forbes reported the average NBA franchise is now worth $1.9 billion, up 13 percent from last year and three times the value from five years ago. Each team received over $110 million from shared revenue sources like national media and sponsorships. The Golden State Warriors saw the highest five-year value increase at 367 percent, thanks to three recent NBA titles.
