NEW YORK (WFAN/AP) — Amar’e Stoudemire has made a huge difference on the court for the New York Knicks this season. According to Forbes, Stoudemire has helped make an impact on the franchise’s value as well.
Forbes released their annual list of the NBA’s most valuable teams on Wednesday, and according to the magazine, the Knicks have overtaken the Los Angeles Lakers as the NBA’s most valuable franchise.
The Knicks’ value rose 12 percent from $586 million to $655 million. The rise was attributed to increased ticket sales and sponsorships at Madison Square Garden, presumably due to the addition of Stoudemire.
With fans excited to watch a New York team that has shown flashes this season of late-90’s glory, the Knicks have sold out their full-season ticket inventory for the first time in nearly a decade.
JPMorgan Chase signed a 10-year sponsorship deal worth at least $30 million per year with Madison Square Garden, Inc. in September.
The second-ranked Lakers went up 6 percent from $607 million to $643 million.
Chicago was third at $511 million, followed by Boston ($452 million), Houston ($443 million) and Dallas ($438 million).
After signing Lebron James, the Miami Heat had the biggest percentage rise, a 17 percent increase to $425 million, good for seventh place. Following the loss of James, Cleveland dropped a league-high 26 percent to $355 million.
The average value of a franchise increased 1 percent to $369 million, down from $379 million two years ago.
Forbes estimated teams averaged $6.1 million in operating income. It said the total of teams that lost money is the most since the lockout-shortened 1998-99 season.
Will the Knicks’ value continue to rise, or will their earning power fizzle out? Sound off in the comments below.
NBA’s Most Valuable Teams:
|Rank||Team||Current Value ($M)|
|1||New York Knicks||655|
|2||Los Angeles Lakers||643|
|9||San Antonio Spurs||404|
|12||Golden State Warriors||363|
|14||Portland Trail Blazers||356|
|18||Oklahoma City Thunder||329|
|21||New Jersey Nets||312|
|22||Los Angeles Clippers||305|
|26||New Orleans Hornets||280|
(TM and Copyright 2011 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2011 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)