LOS ANGELES, Feb 11 — The New York Knicks are the NBA’s most valuable team for a sixth consecutive year, according to the annual list published by Forbes on Wednesday that showed massive TV contracts helped cushion the hit on profits from the Covid-19 pandemic.
The Knicks, who have just one playoff series victory since 2000 and last won an NBA title in 1973, are now worth US$5 billion (RM20.2 billion), up 8.7 per cent from a year ago, according to Forbes.
The increase in the Knicks’ value was largely attributable to the renovation of their arena, a blockbuster local TV deal and playing in the richest North American sports market.
The Golden State Warriors (US$4.7 billion), who moved into a state-of-the-art building last season, reigning NBA champion Los Angeles Lakers (US$4.6 billion), Chicago Bulls (US$3.3 billion) and Boston Celtics (US$3.2 billion) rounded out the top five.
Forbes said the average value of the NBA’s 30 teams rose 4 per cent to US$2.2 billion.
NBA teams had played about 80 per cent of their regular-season games last season when play was halted due to the Covid-19 outbreak and missed out on arena revenue from playoff games as the league held its postseason in a restricted campus at Disney World.
But Forbes said average team profits, as measured by earnings before interest, taxes, depreciation and amortization, fell only 12 per cent to US$62 million thanks to a TV deal that paid in full, as well as a reduction in player salaries as defined in the NBA’s collective bargaining agreement. — Reuters
