Bizaness
Forbes Magazine, which ranks sports teams’ financial value in the so-called big four every year, on Wednesday released their NBA team value rankings. Forbes was founded by the Forbes family, and the magazine was stewarded for years by billionaire Malcolm Forbes, a closeted homosexual and father of onetime U.S. presidential candidate Steve Forbes. In addition to the massive yacht with matching helicopter that I once saw in Hong Kong harbour, he also owned a private jet called the Capitalist Tool. This has absolutely nothing to do with what this post is about, so I digress.
Thanks to the Great Recession we’re currently living through, it’s no surprise most sports teams – particularly those in the somewhat overpriced NBA – took a hit financially over the last year. The Raptors, unchanged from last year are the 11th most valuable NBA franchise in Forbes’ calculations, with a current value of $386 million (all figures U.S.). However, like many other franchises, this is down from last year’s value — appraised at $400 million in 2008. Unsurprisingly, the Lakers ($607 millon) and Knicks ($586 million) headed up the list. According to Forbes, the Raps had higher revenues than the Miami Heat, while 12 of the 30 NBA teams lost money. Interesting read either way.
While many say the NHL is the one league that can gain the most from a bad economy, to put things into perspective, the Maple Leafs were earlier ranked by Forbes as the most valuable NHL team at $470 million, well behind the values of the Lakers, baseball’s Yankees ($1.5 billion) and for that matter, only $84 million ahead of their Raptor housemates. But to really put things into perspective, consider how light years ahead the NFL is in terms of money: The Al Davis-decrepit Oakland Raiders are the lowest-valued NFL team at $797 million, which is significantly more than the highest valued NBA and NHL teams, and all but three Major League Baseball franchises.
But back to ball and hockey, the more you think about it, the similarities between the Knicks and Maple Leafs are striking: Lots of money; Centrepieces of “sports media juggernauts.” Cities that have appointed themselves the cultural home of their respective sports, albeit thanks in part to a lot of media-manufactured bullshit, because those cities happen to be the media capitals of their respective countries (although there is no hockey equivalent of Rucker Park or Alphabet City in Toronto); Loyal, if not idiotic, fans who continue to pay top dollar despite neither team having won anything since Richard Nixon was the biggest name in politics – even though they both had nice little runs in the nineties. I will give the Knick fans one thing though – they are loud and savvy, unlike the mausoleum experience felt at a Leaf game. But I guess that’s just New York and Toronto.


