Every year Forbes puts out a list of highest paid franchises. Some of the rankees come as no surprise given the Cleveland Cavaliers have the next face of the league and the Lakers are poised to return to NBA Championship glory, but other rankees in the top five slots would blow even the seasoned sports fanatics' mind. With a #20 ranking toting only $114 million in revenue, it's no wonder the Trailblazers are baller blockin' Darius Miles from signing with other teams,. See where you favorite NBA squad falls on Forbes coveted NBA MVP Teams.
#1 New York Knicks
Team Value $613 mil
The New York Knicks are owned by Cablevision Systems, who bought them in 1997 for $300 mil.
The Knicks won only 34% of their games under Thomas and spent a league high $424 million on players over four years. The out-of-control spending also meant the Knicks had to pony up $126 million in luxury tax payments. Despite the on-court problems, the Knicks continue to regularly sell out the Garden at outrageous prices. Thanks to the addition of VIP boxes boasting a private wait staff and flat-screen TVs in upwards of $800,000 per season, the New York Knicks enjoyed a lucrative $208 million dollars in revenue in 2008. Something to look forward to granted the team is only worth a lowly $35 million currently.
Major corporate sponsors are T-Mobile, Foot Locker (nyse: FL), Coca-Cola (nyse: KO), Continental Airlines (nyse: CAL), Anheuser-Busch, American Express (nyse: AXP).
#2 L.A. Lakers
Team Value $584 mil
The Los Angeles Lakers are owned by Jerry Buss and Philip Anschutz (Net Worth: $8 billion), who bought them in 1979/1998 for $20 mil/$268 mil.
It's no wonder why the Lakers are #2 in the land of most paid NBA Franchises. The Lakers sold out all their games last season and attending a home game at the Staples Center amounted to taking a stroll down Hollywood's Walk of Fame with the increase in celebrity sightings. Thanks to astronomically priced courtside tickets at $2,500 a pop, loyal fanfare, Kobe's MVP award, and a renewed rivalry between long time rivals the Boston Celtics, The Lakers franchise enjoyed revenue to the tune of $191 million last year and a $91 million dollar boost in value from $79 million in 2007 to $170 million in 2008
Major corporate sponsors are Toyota Motor (nyse: TM), American Express (nyse: AXP), PepsiCo (nyse: PEP), Anheuser-Busch, Adidas. Naming rights sponsor is Staples (nasdaq: SPLS).
#3 Chicago Bulls
Team Value $504 mil
The Chicago Bulls are owned by Jerry Reinsdorf, who bought them in 1985 for $16 mil.
At one point, when expectations were high, team value skyrocketed to $151 million in 2007 after years of averaging stock in the tune of $50-60 million. Since 1999, the Bulls have generated a modest increase in revenue yearly from $67 million to $165 million in 2008. With the commitment of Lexus to a five year sponsorship deal, sports patrons can experience affordable luxury game viewing through the United Center's newly rebranded Lexus Club on the club seat level.
Major corporate sponsors are Anheuser-Busch, Verizon Wireless, Harris Bank. Naming rights sponsor is United Airlines (nasdaq: UAUA).
#4 Detroit Pistons
Team Value $480 mil
The Detroit Pistons are owned by Hall of Famer, William Davidson (Net Worth: $5.5 billion), who bought them in 1974 for $8 mil.
Team value at one point reached a whopping $190 million in 2004 when the team clinched the 2004 NBA Championship title. Despite the Pistons decline as valid Eastern Conference contenders , the team netted $160 million in 2008.
Major corporate sponsors are National City (nyse: NCC), Anheuser-Busch, Comcast (nasdaq: CMCSA), Coca-Cola (nyse: KO), Meijer, Detroit Medical Center.
#5 Cleveland Cavaliers
Team Value $477 mil
The Cleveland Cavaliers are owned by Daniel Gilbert, who bought them in 2005 for $375 mil.
The Cavaliers ascension to league elite has been an interesting one to watch and a lucrative investment for Rock Financial owner, Daniel Gilbert. Since drafting LeBron in 2003, attendance, TV ratings and sponsor deals have soared, helping owner Dan Gilbert almost triple revenues, jumping from $72 million in 2003 to $159 million in 2008. Now if the Cavs can continue surrounding King James with a circa 1996 Bulls supporting cast, the $50 million drop in value from $156 million in 2007 to $106 million will only rise along with LeBron and company's shot at an NBA Championship title.
Major corporate sponsors are KeyBank, Cub Cadet, Cleveland Clinic, Time Warner Cable (nyse: TWC). Naming rights sponsor is Quicken Loans.
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