The New York Knicks may be a bad team on the basketball court, but they are the best at making money as a business.
The Knicks were recently named the most valuable NBA franchise for the third consecutive season, per Forbes. It's the 20th year the financial magazine has tracked valuations of NBA teams.
The New York Knicks remain in the top spot for the third consecutive year. The team is now worth $3.6 billion, which is a 9% value increase from 2017. The New York Knicks continue to profit from the $1 billion renovation to Madison Square Garden, which produced new revenue opportunities from sponsorships and seating.
People forget sometimes that NBA teams are businesses. While to some it matters that the teams are competing for championships every year, others are just as happy making money off a team as a business venture and thinking about winning second.
The New York fan base would never let that be the case. The reality is New York is the media capital of the world, and has loyal fans for every sport that is offered in that city, especially the Knicks. Because of that, it is possibly the harshest fan base in all of sports.
But the fans invest time and money to go the arena, buy tickets and merchandise, etc. That allows a bad team in a good market to still be profitable. Making improvements to the most storied basketball arena in the NBA helps also.
The valuation also means if someone wants to buy the Knicks one day, they are going to have to fork over a lot of cash. We all remember when the L.A. Clippers sold for $2 billion to everyone's surprise. That's what the market does.
Follow Us
Subscribe