In the annual valuation of sports franchises this year, Forbes declared the New York Knicks as the NBA’s most valuable team with a total value reaching over 4.6 billion US dollars (3.5 GBP).
In the Forbes report, the Knicks valuation is heavily influenced by it’s $472 million annual net revenue, the 1 billion dollar renovation of the Madison Square Garden, and a large metropolitan fan base. Sadly, the Knicks have not been a serious title contender since the Patrick Ewing days in the early ’90s. This season, it is still one of the worst teams in the NBA currently at 13th place in the Eastern Conference with a 17-38 record.
It doesn’t mean that Knicks fans are disgusted and staying away from watching the games at Madison Square Garden. Last season, the team posted US $132 million in gross revenue in gate receipts, almost 27% more than the wildly popular Los Angeles Lakers.
The Lakers, second on the Forbes list valued at US $4.4 billion, posted only US $104 million in gate receipts and an annual revenue of US $434 million.
Third-placed Golden State Warriors, valued at US $4.3 billion, has a higher gate receipt income at US $178 million and posted a revenue of US $440 million. If it’s not burdened by debt, it will beat the Knicks and the Lakers by a mile.
Knicks management is not going to let fans wait any longer. They have not won an NBA championship since 1973, but have announced serious rebuilding plans since 2017. They recently reshuffled their coaching staff last December, and even fired Steve Mills as President on February 4. Knick owners Madison Square Garden Company announced they are serious in building a competitive team for this decade.
The Knicks has been the NBA’s most valuable franchise for five straight years. New Yorkers are still supporting the team despite their performance. Interim coach Mike Miller has his hopes set on rookie RJ Barrett, who is averaging 13.6 points, 5.1 rebounds, and 2.4 assists this year.
In the Forbes report, they found that Knicks games’ TV ratings are down 38% after coming in as the league’s worst team last season. Empty seats are also increasing. If Knicks management doesn’t fulfill their promise after two decades of losses, they won’t hold their valuation for long.