The New York Knicks are now the second most valuable NBA franchise after being taken over by the Los Angeles Lakers (via Forbes). The Knicks are worth $780 million, a 19 percent increase from last year. Part of that increase is due to Knicks season tickets selling out for the first time since 2001-2002. Those tickets were also more costly as the team raised prices to pay for the renovation of MSG.â†µ
The reason why the Lakers (worth $900 million) were able to increase 40 percent in value from last year and pass the Knicks was their signing of a $200 million per year TV deal with Time Warner Cable. The Knicks did show the most profit of any NBA franchise with an operating income of $75 million.â†µ
The average NBA team is now worth a record $393 million. The Milwaukee Bucks were the least valuable franchise at $268 million.â†µ
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