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Forbes: Lakers turn $66 million profit as NBA franchises appreciate
- Updated: January 23, 2014
Forbes Magazine on Wednesday revealed that the Los Angeles Lakers are the second most valuable franchise in the NBA behind the New York Knicks, according to Darren Rovell of ESPN.com.
The Lakers had a second place finish with an estimated value of $1.35 billion on what Forbes is calling a $66 million profit last season despite having a league-high payroll with a luxury-tax of $29.3 million. The Knicks topped the league with a $1.4 billion valuation that included aid from the renovation of Madison Square Garden that lead to an all-time record profit of $96 million last year.
The Chicago Bulls were third on the list with a net worth of $1 billion to go along with leading the league in attendance for the past four seasons. The Boston Celtics came in fourth at $875 million.
Forbes also estimated that an average NBA team is worth about $634 million, which is raise of 25 percent from last year. Each team’s profit has also increased as it has doubled to all-time record highs of $23.7 million.
The Raise in each NBA team’s value has been due in part to the new television contracts and national television rights deals. There certainly lies parody within the top rankings as all five of the most value teams currently possess a.500 record or below.
As for the players Kobe Bryant was the highest paid at $64.5 million in salary and endorsements. LeBron James finished in second with $61 million, followed by Derrick Rose at $38.6 million, and Kevin Durant at $31.8 million.
Photo Credit: Luis Sinco / Los Angeles Times / November 22, 2013