The New York Knicks increased their worth by 12 percent to $655 million to overtake the Los Angeles Lakers as the most valuable National Basketball Association team, Forbes magazine reported.
The Knicks, who signed Amar’e Stoudemire in July, sold all their season tickets for the first time since the 2001-2002 season, Forbes said. In addition, Madison Square Garden Inc., owner of the Knicks, and JPMorgan Chase & Co. signed a 10-year sponsorship deal worth at least $30 million.
LeBron James contributed to the biggest gain and loss in value for NBA teams when he left the Cleveland Cavaliers to sign with the Miami Heat as a free agent, Forbes said. The Heat’s value increased 17 percent to $425 million, to put it in seventh place among the NBA’s 30 teams, while the Cavaliers’ worth dropped 26 percent to $355 million, or 15th place.
Rank Team Value 1-Year Operating (in millions)
- New York Knicks 655
- Los Angeles Lakers 643
- Chicago Bulls 511
- Boston Celtics 452
- Houston Rockets 443
- Dallas Mavericks 438
- Miami Heat 425
- Phoenix Suns 411
- San Antonio Spurs 404
- Toronto Raptors 399
- Orlando Magic 385
- Golden State Warriors 363
- Detroit Pistons 360
- Portland Trail Blazers 356
- Cleveland Cavaliers 355
- Utah Jazz 343
- Philadelphia 76ers 330
- Oklahoma City Thunder
- Washington Wizards 322
- Denver Nuggets 316
- New Jersey Nets 312
- Los Angeles Clippers 305
- Atlanta Hawks 295
- Sacramento Kings 293
- Charlotte Bobcats 281
- New Orleans Hornets 280
- Indiana Pacers 269
- Memphis Grizzlies 266
- Minnesota Timberwolves 264
- Milwaukee Bucks 258
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