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NEW YORK (AP) — The New York Knicks' struggles on and off the court didn't keep the team from remaining the NBA's most valuable franchise for the third straight year, according to a list compiled by Forbes.
The Knicks were valued at $604 million, up 3 percent from the previous year despite a spate of losing, an embarrassing defeat in a sexual harassment lawsuit, and continuing questions about the future of coach Isiah Thomas.
The NBA's marquee franchise also had a league-high $196 million in revenues for the 2006-07 season while topping the list with negative $42.2 million in operating income after going 33-49 and missing the playoffs.
The Los Angeles Lakers decreased in value 2 percent, down to $560 from $568 million, but remained second on the list. The Chicago Bulls were third with a value of $500 million and a league-best $59.3 million in operating income. Detroit and Houston rounded out the top five.
The Cleveland Cavaliers showed the biggest jump in value among the top 10 teams, increasing 20 percent to $455 million. They jumped from 10th to seventh.
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20% increase in the value of your team. Thats why you don't mind paying luxury tax.