The Knicks postseason hopes may have suffered a significant blow with Kristaps Porzingis tearing his ACL, but dont expect James Dolans pockets to take much of a hit.
For the first time ever, all 30 NBA teams are worth at least $1 billion, Forbes revealed Wednesday.
The average team is now worth a record $1.65 billion, 22% more than last year, according to Forbes.
The Knicks once again lead the pack, with the team worth a record $3.6 billion. Despite the Knicks likely headed for a fifth straight losing season, the team has increased 9% in value from last season.
Reality sinking in for Knicks as life without Porzingis begins
The Knicks brought in $426 million in revenue this past year.
The Nets rank 6th in the NBA at $2.3 billion, up 28% over the last year. The significant increase in value comes on the heels of majority owner Mikhail Prokhorov selling a 49% stake in the team to Joseph Tsai, co-founder of Chinese e-commerce giant Alibaba, for $1.2 billion in October.
The Nets surprisingly continue to increase in value despite the team reporting a loss of $44.3 million last year, according to ESPN.
The Lakers ($3.3 billion), Warriors ($3.1 billion), Bulls ($2.6 billion) and Celtics ($2.5 billion) round out the top 6.
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The Process appears to be working for the 76ers as, thanks in large part to increases in TV ratings and ticket sales, Philly had the biggest gain in value at 48% to $1.18 billion.
While the NBA still trails the NFL by a considerable margin — the average NFL team is worth $2.5 billion — investors believe the NBA has greater potential to grow in the international market.
The NBA is extremely well-positioned for international growth, Sal Galatioto, president of leading sports finance and advisory firm Galatioto Sports Partners, told Forbes. The product is excellent, and interest in basketball around the world continues to flourish.