Sports Column

The Most Valuable NBA Teams 2024

youngsports 2024. 10. 26. 09:44

 

골든스테이트 워리어스가 미국프로농구(NBA) 30개 구단을 대상으로 한 가치 평가에서 3년 연속 1위를 차지했다.

미국 경제 전문지 포브스가 26일 발표한 NBA 30개 구단 가치 평가 순위에 따르면 골든스테이트는 88억 달러(약 12조2천억원)의 가치를 인정받아 1위에 올랐다. 2위는 75억 달러의 뉴욕 닉스, 3위는 71억 달러의 LA 레이커스다.

포브스는 "다른 종목의 구단 가치 평가를 통틀어서 70억 달러 이상을 기록한 팀은 5개가 전부"라고 비교했다.

 

올해 기준으로 포브스가 발표한 종목별 구단 가치를 보면 미국프로야구 메이저리그 뉴욕 양키스가 75억5천만 달러를 기록했고 미국프로풋볼(NFL) 댈러스 카우보이스(101억 달러), LA 램스(76억 달러), 뉴잉글랜드 패트리어츠(74억 달러), 뉴욕 자이언츠(73억 달러)가 70억 달러 이상을 기록했다.

 

축구는 레알 마드리드(스페인)가 66억 달러로 1위, 맨체스터 유나이티드(잉글랜드)가 65억5천만 달러로 2위 순이었다.

포브스에 따르면 올해 NBA 30개 구단 가치 평균은 44억 달러로 지난해 대비 15% 늘었다.

 

포브스는 "10년 전 LA 클리퍼스가 20억 달러에 팔릴 때 '너무 비싼 금액'이라는 평가가 나왔지만 지금은 30억 달러 이하로는 어떤 팀도 살 수 없다"고 설명했다.

또 다음 시즌부터 적용되는 신규 미디어 계약이 포함되면 구단별 가치는 더 늘어날 전망이다. 현재 이 부문 규모는 연 26억 달러인데, 다음 시즌부터는 평균 69억 달러로 2.5배 이상 커진다.

NBA 구단별 가치 평가 하위 3개 팀은 미네소타 팀버울브스(31억 달러), 뉴올리언스 펠리컨스(30억5천만 달러), 멤피스 그리즐리스(30억 달러) 순이다.

 
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The Warriors are the top team for the third straight year, worth $8.8 billion—twice the league average. And with new media deals starting next season, those numbers could soon get much bigger.

By Justin Teitelbaum and Brett Knight, Forbes Staff


With record attendance and record sponsorship, the 2023-24 season was a banner year for the NBA, producing some $13 billion in league-wide revenue. But that number could see another double-digit-percentage jump this season—and that doesn’t even account for the national media deals the league signed over the summer. (The new contracts take effect next season and come with a roughly $4 billion annual raise over the old agreements.)

The relentless rise in revenue is sending the value of the league’s 30 franchises skyward, to an average of $4.4 billion, up 15% from last year. No team would sell for less than $3 billion, Forbes now estimates, and three clubs are worth at least $7 billion: the Golden State Warriors ($8.8 billion), the New York Knicks ($7.5 billion) and the Los Angeles Lakers ($7.1 billion). Only five other teams in any sport—the $7.55 billion New York Yankees and four NFL franchises, led by the $10.1 billion Dallas Cowboys—currently reach that lofty threshold.

In one clear sign of investors’ appetite to buy into basketball, every NBA team now has a revenue multiple higher than 10, and the average stands at 11.7—rising from 10.9 last year and from 6.9 over the last decade.

That Forbes list 10 years ago came on the heels of Steve Ballmer’s $2 billion purchase of the Los Angeles Clippers, which at the time was widely seen as a considerable overpay, in large part because no NBA transaction had carried a revenue multiple higher than 5.1 before Ballmer’s deal came in above 15. Even Forbes didn’t entirely buy the math, pegging the Clippers’ value in January 2015 at $1.6 billion on revenue of $146 million, for a multiple of 11; no other team cracked 10 that year.

 

Now, as the Clippers settle into their new $2 billion arena, the Intuit Dome in Inglewood, their multiple again exceeds 15—only this time, it’s not such an outlier. After spending the past 25 years at what is now known as Crypto.com Arena in Downtown Los Angeles—effectively serving as the building’s third tenant, after the Lakers and the NHL’s Kings—the Clippers are expected to see a massive surge in premium seating and sponsorship revenue, starting with the building’s 23-year naming rights deal for a reported $500 million. (According to Forbes estimates, that $21.7 million annual average is more than $7 million beyond what any other NBA team collected from arena naming rights last season.)

Several other NBA teams are also eyeing new or significantly renovated arenas, and the revenue increase that tends to come with them. The Toronto Raptors’ Scotiabank Arena, for instance, is in the midst of a $350 million upgrade, and Oklahoma City has approved more than $800 million in funding toward a new home for the Thunder. Last week, Mayor Muriel Bowser of Washington, D.C., unveiled the financing agreement for the redevelopment of the Wizards’ Capital One Arena.

 

For one extreme example of the impact a new arena can have, consider the Warriors, the NBA’s most valuable team for the third straight year, who posted an estimated $440 million in local revenue in 2018-19, their last year at Oracle Arena in Oakland. Last season, Golden State racked up more than $700 million in local revenue at its new home, the Chase Center in San Francisco. The club’s total revenue, including central league revenue and netting out arena debt service and revenue sharing, hit $800 million in 2023-24. Only four other teams in the world—the Dallas Cowboys, Real Madrid, Manchester City and Barcelona—have reached that milestone.

The growth extends all over the league, however. The NBA recently renewed its uniform and apparel deal with Nike for more money and has added partners in several new categories, including Kendall-Jackson wine and Skims shapewear. The league’s credit is also on solid ground—Fitch Ratings this year affirmed its A- ratings on the NBA’s outstanding debt instruments—and the entry of private equity and other institutional investors, which began in 2020, provides a path to greater liquidity for existing team owners. And the NBA is growing even faster internationally than it is domestically.

 

But the league’s biggest financial driver is its new media deals with ABC/ESPN, NBC/Peacock and Amazon Prime Video for a reported $76 billion over 11 years, or an average annual value of $6.9 billion—up from $2.6 billion in the current domestic deals with ESPN and Turner Sports, plus about $500 million from a number of international rights distributors. Many in the sports media world anticipated the NBA’s rights would double in value, an optimism reflected in teams’ rising revenue multiples, but the final agreement came in above the high expectations. That national and international upside is helping override some of the uncertainty around the future of local media rights in the wake of the 2023 bankruptcy filing by regional sports network operator Diamond Sports Group.

 

So just how high can NBA team values go? The Boston Celtics may soon provide an answer. In July, two weeks after the team claimed the league championship, its ownership group shockingly announced it would seek to sell a majority stake, and lead owner Wyc Grousbeck recently told the Boston Globe that the process was “gearing up.”

Sports bankers agree that some legitimate concerns—perhaps above all, Grousbeck’s desire to remain in control until 2028—could mean the initial bids start at a little over $5 billion. But ultimately, the legacy and global brand recognition of the Celtics, combined with the general scarcity of control stakes in NBA teams, could push the price to $6 billion—or more.


THE NBA’S MOST VALUABLE TEAMS 2024


#1. $8.8 billion

Golden State Warriors

One-Year Change: 14% | Operating Income: $142 million | Owners: Joe Lacob, Peter Guber

Alex Goodlett/Getty Images


METHODOLOGY

Revenue and operating income (earnings before interest, taxes, depreciation and amortization) are estimated for the 2023-24 season and are net of revenue sharing and arena debt service. Team values are enterprise values (equity plus net debt) and include the economics of the team’s arena (including non-NBA revenue that accrues to the team’s owner) but not the value of the arena real estate itself.

Team values are rounded to the nearest $50 million, and estimated operating income is rounded to the nearest $1 million. All figures are in U.S. dollars based on the average U.S.-Canada exchange rates during the 2023-24 season.

The information used to compile the valuations primarily came from interviews with teams, sports bankers and media consultants, as well as public documents, such as arena lease agreements and bond documents.

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