A failure to win on the court isn’t stopping the New York Knicks from growing in value.
According to Forbes magazine, the Knicks grew by over 15 percent in the last year and are worth a league-high $4.6 billion.
The increase has occurred despite the Knicks (17-37) closing in on their seventh straight losing season. New York is nearly assured of missing the playoffs for the seventh straight season and 13th in the past 16.
According to Forbes, only the NFL’s Dallas Cowboys ($5.5 billion) are worth more than the Knicks among North American sports franchises.
League wide, Forbes rates the average of NBA franchises above $2 billion for the first time. The magazine lists the average value at $2.12 billion.
Slightly behind the Knicks are the Los Angeles Lakers ($4.4 billion) and Golden State Warriors ($4.3 billion).
The Chicago Bulls ($3.2 billion) and Boston Celtics ($3.1 billion) also are worth more than $3 billion.
The Los Angeles Clippers ($2.6 billion) rank sixth, followed by the Brooklyn Nets ($2.5 billion), Houston Rockets ($2.475 million), Dallas Mavericks ($2.4 billion) and the defending NBA champion Toronto Raptors ($2.1 billion).
The Memphis Grizzlies had the lowest value at $1.3 billion. Four other franchises are worth less than $1.5 billion according to Forbes — New Orleans Pelicans ($1.35 billion), Minnesota Timberwolves ($1.375 billion), Orlando Magic ($1.43 billion) and Detroit Pistons ($1.45 million).
Forbes said the revenue of the 30 NBA teams was a combined $8.8 billion, a league record, and should top $9 billion this season.