The NBA and its team owners just got an nice assist from Forbes magazine, whose annual valuations report claims that more than half of the league’s franchise lost money last year.The owners insist that the economic model is broken and players will need to give back hundreds of millions in salary to keep the league afloat (and avoid a lockout.) And since no one is getting to look at the books, these estimated valuations are all that anyone has to go on.
And these numbers say the league is trouble.
Those at the top keep getting richer, of course. The estimated worth of the New York Knicks is up 12%, moving them past the Lakers as the league’s most valuable team. The Knicks are worth $655 million, or nearly twice the average of $369 million per team.
Interestingly, the team with the biggest jump and the one with the biggest fall were both affected by one man. When LeBron James left Cleveland for Miami, the Heat’s worth went up 17% and the Cavs’ fell 26%.
Business Insider Emails & Alerts
Site highlights each day to your inbox.