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News » NOT A SLAM DUNK - KNICKS LOSE MOST VALUABLE NBA TEAM TITLE


NOT A SLAM DUNK - KNICKS LOSE MOST VALUABLE NBA TEAM TITLE


NOT A SLAM DUNK - KNICKS LOSE MOST VALUABLE NBA TEAM TITLE Billionaires aren't getting the bang they once did from owning a Basketball team - particularly the Knicks and the Nets .

The Dolan family's pride got hit hard yesterday, as their beloved Basketball team toppled from its long-held position as the NBA's most valuable and highest-grossing team, according to Forbes magazine's annual rankings.

The Los Angeles Lakers, the league champions for the 2009 season, replaced the Knicks as the NBA's most valuable team, at $607 million, as well as the most profitable, at $51.1 million, and the highest grossing at $209 million.

The Knicks held onto second place in value, at $586 million, with revenue at $202 million. But its profit dived 29 percent from last year's top ranking to $21 million, dragging down the Knicks to fifth place in scoring profits.

Across the Hudson River, Bruce Ratner's New Jersey Nets languished near the bottom of the rankings for the second year in a row.

The team's value dropped 9 percent to $269 million, following a 13 percent plunge in value the prior year. It posted 2009 operating losses of $13.9 million vs. a $900,000 loss a year earlier. The lowly Nets set a new record this year for having the most season-opening losses in NBA history, at 0-18.

Generally speaking, it wasn't a good year for team owners. The average value of an NBA team fell for the first time in 11 years of Forbes' rankings, sliding 4 percent to $367 million.

Forbes blamed the recession and high ticket prices - averaging $50 a seat - for declining sales and attendance. Twenty-one teams saw their values decrease since last year.

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Starting five

1. LA Lakers $607M

2. Knicks $586M

3. Chicago Bulls $511M

4. Detroit Pistons $479M

5. Cleveland Cavaliers $476M


Play Basketball Hot Streak and win prizes!

Author: Fox Sports
Author's Website: http://www.foxsports.com
Added: December 11, 2009

 

 
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