Knicks still the most valuable team - Forbes

(Reuters) - 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 $5 billion, up 8.7% from a year ago, according to Forbes https://www.forbes.com/sites/kurtbadenhausen/2021/02/10/nba-team-values-2021-knicks-keep-top-spot-at-5-billion-warriors-bump-lakers-for-second-place/?sh=3498c877645b. 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.

Reuters February 11, 2021 00:07:21 IST
Knicks still the most valuable team - Forbes

Knicks still the most valuable team  Forbes

(Reuters) - 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 $5 billion, up 8.7% from a year ago, according to Forbes https://www.forbes.com/sites/kurtbadenhausen/2021/02/10/nba-team-values-2021-knicks-keep-top-spot-at-5-billion-warriors-bump-lakers-for-second-place/?sh=3498c877645b.

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 ($4.7 billion), who moved into a state-of-the-art building last season, reigning NBA champion Los Angeles Lakers ($4.6 billion), Chicago Bulls ($3.3 billion) and Boston Celtics ($3.2 billion) rounded out the top five.

Forbes said the average value of the NBA's 30 teams rose 4% to $2.2 billion.

NBA teams had played about 80% 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% to $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.

(Reporting by Frank Pingue in Toronto, editing by Ed Osmond)

This story has not been edited by Firstpost staff and is generated by auto-feed.

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