Head coach Tom Thibodeau of the New York Knicks speaks with Julius Randle #30 during the game against the Miami Heat at Madison Square Garden on February 07, 2021 in New York City. Mandatory Credit: Mike Stobe/Pool Photo-USA TODAY Sports / file photo
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.
Average team values are up 4%, the smallest gain since 2010, but the NBA’s financial outlook is still bright with big market teams particularly attractive https://t.co/lZM21D20n1 pic.twitter.com/iZNTT7V4f8
— Forbes (@Forbes) February 10, 2021
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.
Golden State Warriors guard Stephen Curry (30) celebrates after a basket against the Portland Trail Blazers during the fourth quarter for a career-high 62 point game for Curry at Chase Center. Mandatory Credit: Kelley L Cox-USA TODAY Sports / file photo
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.