Forbes magazine recently released its list of the most valuable NBA franchises and coming in first, with a net worth of $655M was the New York Knicks. Shocking, right? Despite the best efforts of James Dolan and Isiah Thomas, this team is still worth something. The Knickerbockers overtook the Los Angeles Lakers of Anaheim who clocked in at a value of $643: a 6% increase over last year.
As a one-time business major, I used my Accounting I skills to subtract Andrew Bynum’s ’10-’11 salary of $13M (more on that monstrosity below) from the LA’s credit column and that’s the net increase in value they need to overtake a team that hasn’t had a winning season since 2000-2001.
Moving on. Like Mike Wilbon, I wasn’t surprised by this little nugget:
17 of the 30 teams are estimated to have lost money last season, according to Forbes… [Forbes] said the total of teams that lost money is the most since the lockout-shortened 1998-99 season.
Well, when you give a guy who is averaging 11 and 8 $13M a year, I guess that might be a sign things aren’t going so great. And this is why NBA players will be fighting for joe jobs with NFLers next off-season.
The NBA owners: they’rrrrrrrrreeeeeeeeeee terrible businessmen!