Knicks top Forbes NBA list at $3.6B value
The Knicks have two streaks running and, amazingly, they’re unrelated.
For the third straight year, the team was listed by Forbes as the most valuable in the NBA at $3.6 billion, a $300 million markup from 2017 despite home attendance dropping last season to its lowest since the 2012-13 campaign.
The other streak? The Knicks have missed the playoffs for five consecutive years. That will likely continue with Kristaps Porzingis out indefinitely, but the franchise could have problems staying on top of Forbes’ valuations next year. The No. 2 franchise, the Lakers ($3.3 billion), just signed LeBron James, and No. 3 Golden State ($3.1 billion) is favored to three-peat as it prepares to move to San Francisco in 2019.
Nonetheless, the Knicks will undoubtedly remain a financial powerhouse as owner James Dolan has denied any plans to sell the franchise. Last month, the company’s stock soared following an announcement from Dolan that he was exploring a move to separate his sports franchises (namely the Knicks and Rangers) from the rest of Madison Square Garden. Speculation swirled that this was a precursor to Dolan unloading the Knicks.
“There are no plans to sell the Knicks or the Rangers,” the Madison Square Garden Company responded in a statement.
The Knicks were the first NBA franchise to eclipse a $3 billion valuation in 2016, according to Forbes.
The Cowboys ($4.8 billion), Manchester United ($4.1 billion), Real Madrid ($4.1 billion), Barcelona ($4.1 billion), the Yankees ($4 billion) and Patriots ($3.7 billion) are the only sports franchises above the Knicks on Forbes’ list.
The Nets rose this year to No. 4 in the NBA with a $2.3 billion valuation.
Off the court, the Knicks have tried to clean up the image of dysfunction that defined the Phil Jackson era. On the court, their future remains murky.
They begin next season with their 11th coach since 2001. Their plan is to continue to rebuild — without mentioning playoffs as a goal — with the hope of attracting a star in free agency of 2019.