Forbes Magazine has ranked the Knicks atop their list of most valuable NBA teams. The publication values New York at $1.1 billion. The Knicks raked in a profit of $83 million in 2012, which is almost twice as much as the next NBA team.
The biggest reason for New York’s high value is the renovation of Madison Square Garden. Just a shade under $1 billion has been spent to revamp MSG. The project is set to be completed in the summer and has helped the organization produce $243 million in revenue.
New York’s popularity has grown exponentially in the past year. Ratings for the team’s games doubled, largely due to Jeremy Lin’s run and the team sporting its best record in a decade.
The Los Angeles Lakers came in second on the list, behind the Knicks. The club is valued at $1 billion and made a profit of $48 million. The team’s worth has risen 11 percent from a year ago.
L.A. has continued to grow as a franchise, despite regressing on the court. Last season, the Lakers posted their worst record and finish in the playoffs since 2007. This year, they have been the biggest disappointment in the NBA, and are in danger of missing the postseason, entirely.
The value of Los Angeles will only increase this year, even if they can’t turn things around, on the court. 2013 marks the first of a 20-year, $3.6 billion television deal with Time Warner Cable.
The Chicago Bulls, Boston Celtics and Dallas Mavericks round out the Top Five most valuable teams. LeBron James and the defending champion Miami Heat come in at sixth on the list, worth $625 million. Jeremy Lin and the Houston Rockets are right behind Miami at No.7.
Forbes reports that every NBA franchise increased its value in 2012.