Timberwolves show 38 percent increase in NBA valuation, Forbes says
The Minnesota Timberwolves’ valuation increased 38 percent, second behind the 48 percent increase of the Philadelphia 76ers, and was 27th among the 30 NBA teams at $1.06 billion, according to an annual list published by Forbes on Wednesday.
The New York Knicks are the NBA's most valuable team for a third consecutive year, the list said, and each team in the league is worth at least $1 billion for the first time.
The Knicks have been shut out of the playoffs since 2013 but their value rose to $3.6 billion, up 9 percent from a year ago, due to renovations to Madison Square Garden which produced new revenue opportunities from sponsorships and seating.
The Los Angeles Lakers ($3.3 billion), reigning NBA champion Golden State Warriors ($3.1 billion), Chicago Bulls ($2.6 billion) and Boston Celtics ($2.5 billion) rounded out the top five, Forbes said in a statement.
According to Forbes, the average NBA franchise is now worth a record $1.65 billion, up 22 percent over last year, and more than triple the figure of five years ago.
Forbes said the Cleveland Cavaliers, ranked 15th on the list with a value of $1.3 billion, were the only franchise to lose money on an operating basis due to its significant payroll and luxury tax bill.