The Knicks are the most valuable franchise in the National Basketball Association for the third straight year, according to franchise values released by Forbes on Wednesday.
The Bulls have led the National Basketball Association in attendance in eight straight seasons, though their long sellout streak was halted last November as they're in the first year of a rebuild.
The team with the highest year-over-year bump in value was the Houston Rockets, which were up 33 percent to $2.2 billion - the agreed price paid for the team by billionaire Tilman Fertitta in October.
The league's US television deal with ESPN/ABC and Turner, valued at $24 billion and runs though the 2024-25 season, is the primary reason for the bump, but the league also has the strongest global business among the four major North American sports leagues.
Pistons owner Tom Gores, the founder of Platinum Equity, purchased the Pistons, along with Palace Sports & Entertainment, for $325 million in 2011. "The value of the Kings is up 28% to $1.375 billion after the opening of Golden 1 Center last season". The least valuable team in the league, the New Orleans Pelicans, is still worth $1 billion, per Forbes. This also makes the Knicks the sixth most valuable franchise in the world across all sports, according to Forbes. New corporate logos on jerseys have brought in additional revenue, with 19 teams making deals, at an average of about $9 million per year. Credit the league's economics, in particular its global growth prospects, which are the best of any major US sports league.
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