We all know that there’s big money in sport, and nothing backs up this statement more than by looking at the finances behind the NBA, the world’s most popular basketball league. Today, we at Betway are going to do a little dive to see just how much money is being thrown around off and on the court.
Right now, the average NBA team is worth a total of $1.9 billion, which is up 13% from last year and is over 3 times the level of five years ago. The current most wealthy team are the New York Knicks who are worth an astonishing $4 billion. This ties them with the New York Yankees from baseball as the second most valuable sports franchise after the Dallas Cowboys.
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The NBA’s rising wealth runs much deeper than just the Knicks. The Brooklyn Nets, Charlotte Hornets, Dallas Mavericks and Portland Trail Blazers all kicked off new local TV deals last season at more than double their previous take. The Milwaukee Bucks started a lucrative extension in 2018, and new TV deals for the Chicago Bulls and San Antonio Spurs begin next season.
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And where is the best place to show off your money and maybe earn a little more? Your stadium of course. On the arena front, the Bucks opened a new $524 million building, the Fiserv Forum. The value of the Bucks is $1.35 billion, up 145% since the ownership group bought the team for $550 million in 2014.
The Minnesota Timberwolves and Utah Jazz completed more than $100 million in renovations to their buildings, and the Atlanta Hawks recently unveiled a $193 million upgrade of their home, State Farm Arena. The renovated buildings will generate significantly more cash for their tenants.
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NBA teams are more profitable than ever. The average earnings before interest per NBA team is double what it was two seasons ago. Teams have benefited from pro basketball’s $24 billion TV contract with TNT and ESPN, which kicked off in the 2016-17 season and is shared equally among the 30 teams.
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Total NBA revenue hit $8 billion last season, up 8.5%. In addition to the gains from TV and arena renovations, teams reaped the rewards of the NBA’s logo patch sponsorships. The three-year trial program started with the 2017-18 season, and every team except the Oklahoma City Thunder has a deal in place, at an annual rate of between $4 million and $20 million.
In addition to being the lone team to lose money, the Cavaliers were the only one that declined in value. The team is worth $1.28 billion, down 4% from last year.
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