Back in July, there was widespread belief the New York Knicks would take a financial hit after Jeremy Lin signed with the Houston Rockets.
Apparently, Lin’s departure hasn’t affected the bottom line.
According to Forbes Magazine, the Knicks are the NBA’s most valuable team. The magazine’s most recent franchise valuations state that the Knicks are worth $1.1 billion dollars.
The Lakers are second on this year’s list, valued at $1 billion.
The Brooklyn Nets are ninth on Forbes‘ list, valued at $530 million.
The magainze reports that the Knicks’ value rose 41% over the past season thanks to the ongoing renovation of Madison Square Garden, an increase in television ratings and merchandising sales, and the team’s on-court success (the Knicks won their first playoff game in 11 seasons in 2012).
Forbes reports that the the $980 million renovation of the MSG, scheduled to be completed this summer, has helped produce $243 million in revenue for the Knicks, the highest profit in the NBA.
