This month, the NFL exercised its economic flex with a number of LP-stake sales at hefty prices, including more than$ 8 billion for both the Philadelphia Eagles and the Miami Dolphins. The NFL ticks two boxes, one for each group, and the other for the league’s$ 400 million-plus monthly test, which is smaller than the salary cap. That combo pushes the value of the” cheapest” football teams to nearly$ 5 billion.
The NBA appears to be heading in the same direction. The group came to terms with two agreements over the course of the past 18 months that brought it nearer to the NFL’s socioeconomic model. Based on early data from the impact of the following “apron,” the first was a fresh CBA, which could possibly rein in the most violent roster spenders. The NBA then signed a new TV deal in July worth$ 77 billion over 11 years, which will triple franchises ‘ annual payout by the agreement’s conclusion.
The typical NBA company is now worthwhile$ 4.6 billion, according to Sportico’s estimates, with the Golden State Warriors at the top of the group rating and the Memphis Grizzlies at the bottom. The total is up 15 % versus 2023 and nearly double four years ago, when the average was$ 2.37 billion. The profits at the bottom of the economic board are even greater, with the present$ 3.06 billion “get-in” cost 127 % higher than four years ago.
Golden State ($ 9.14 billion ) has topped all five iterations of Sportico’s NBA valuations, with only the Dallas Cowboys ($ 10.3 billion ) worth more among all sports teams. The Warriors, New York Knicks ($ 8.3 billion ) and Los Angeles Lakers ($ 8.07 billion ) are in a class by themselves in the NBA, with the Lakers worth 42 % more than the fourth-ranked Brooklyn Nets ($ 5.7 billion ).
Instead of a limited partnership deal, our organization pricing estimates use a power purchase cost. Cumulatively, the NBA’s 30 groups are fair$ 138 billion, including real property held by masters and team-related companies, such as WNBA companies.
The 30 NBA teams generated an estimated$ 11.6 billion last year, or$ 387 million per club. The number of non-NBA events that raised team incomes increased by about 15 % and increased team sponsorship at fields owned or operated by the NBA franchise.
The concert industry has grown significantly since COVID-19 and can now bring in more than$ 25 million to the bottom line of top arena teams. NBA entrepreneurs operated 10 of the country’s 20 highest-grossing music venues in 2024, according to Billboard.
The value of having an arena was highlighted by Julia Koch’s recent investment, which included the purchase of 15 % of BSE Global at a$ 6 billion valuation. The Nets, New York Liberty, and Barclays Center are both owned by BSE as a subsidiary. In April, the Barclays Center was the highest-grossing area in the world, according to Billboard, and it finished the season ranked fifth overall. The Nets ‘ value has increased by a whopping 43 % in the NBA.
Starting in 2018, Joe Tsai and Clara Wu Tsai purchased the rights to the Barclays Center in installment installments. They consolidated ownership at a$ 3.3 billion valuation the following year. It was the highest price ever paid for the management of a gymnastics team in the United States.
There haven’t been any NBA control sales in 2024, despite the ongoing saga involving the Minnesota Timberwolves, since Marc Lasry sold his 25 % stake to Jimmy and Dee Haslam for$ 3.2 billion in 2024. Lasry’s right to serve as the government every five years was transferred as a result of the agreement.
All eyes are on the auction of the Boston Celtics, which has bankers, investors and team executives speculating on price tags ranging from$ 4.5 billion to$ 6.5 billion. How many people participate in the buying process and how much of the crew they must purchase will determine the final price. A championship-winning model that has no control over its building will be given a window into the value of the sale. It is a special installation. The Knicks and NHL’s New York Rangers are the only team in the top 10 in each of the four biggest U.S. sports teams that don’t work their venues, but Jim Dolan owns all three of those assets.
In 2002, Wyc Grousbeck led a team that paid$ 360 million for the Celtics, including debt. In June, Grousbeck hired a pair of bankers, BDT &, MSD and JPMorgan Chase, to promote the brand for estate planning functions, with a program for him to manage the team until 2028.
The Celtics have won an NBA record 18 names, are a phenomenal solution seller, have the highest rates in the club, and have a waiting list of more than 14, 000 titles for season tickets. But they are a renter in the Delaware North-owned TD Garden. Delaware North is controlled by the Jacobs community, which also owns the NHL’s Boston Bruins.
The Celtics grossed$ 493 million in revenue during the 2023-24 time, according to someone who had reviewed the sales proposal report from BDT &, MSD. Local TV was$ 70 million, including equity income from the Celtics ‘ 20 % share in NBC Sports Boston.
The NBA collects 25 % of the playoffs wall to finance the person playoff pool, which is primarily solution income, and the playoffs made up$ 102 million of the total. After sharing playoff and regular season revenue, according to Sportico, the Celtics ‘ net revenue is estimated to be$ 465 million. The team made roughly$ 30 million in earnings before interest, taxes, depreciation and amortization last season with a luxury tax bill north of$ 40 million.
Due to the possibility of expansion in the NBA and its impact on the fee, the sale is also being closely watched. The NBA has not expanded since 2004 when Charlotte ( then known as the Bobcats ) started play and the other 29 owners split a$ 300 million payment. Many teams anticipate a$ 5 billion price tag for each entry after the most recent TV deal, so this round will be decidedly higher. No expansion committee has been established, but Las Vegas and Seattle are the long-time favorites.
The Celtics rank sixth overall at$ 5.66 billion, just behind the Nets ($ 5.7 billion ) and Los Angeles Clippers ($ 5.68 billion ), whose revenue will soar this season with the opening of the$ 2 billion Intuit Dome.
NBA revenue is a tick below Major League Baseball, but teams are valued 74 % higher. TV tells much of the story. More than 20 % of MLB’s annual revenue was historically dependent on contracts with regional sports networks. Similar negative effects were felt by NBA as a result of Diamond Sports Group’s bankruptcy, which resulted in a roughly 15 % decrease in local TV revenue for those teams on Bally Sports channels last year. Local TV only made up 11 % of the overall NBA revenue last year, and the Lakers and Knicks made up roughly 25 % of that total.
MLB also doesn’t have a TV windfall kicking in next season. The new NBA deal with NBC, ESPN/ABC and Amazon is expected to boost the annual payout to teams by 33 % to$ 137 million in year one, according to three NBA team executives. It then jumps 13.5 %, followed by annual 7 % increases. The per-team payout in the final season of the contract:$ 297 million.
What NFL teams banked last year by 10 % still trails that final-year payout. Because of how well-known basketball is as a sport internationally, NBA investors still see the value over its gridiron rival outside of North America. Their goal is for the NBA to approach domestic football in a similar way to how the English Premier League has a global reach abroad. This would support the impressive revenue multiples that recent NBA deals have seen, which were 11 of the four teams sold in 2023. By comparison, the nine teams sold between 2010 and 2012 fetched a tick more than three times revenue on average.
NBA teams make less than 10 % of their revenue outside the United States, and broadcast rights offer an opportunity to increase earnings internationally. The difficulty is with the game times, which typically start at midnight in Asia and end at midnight in Europe. The NBA does have an opportunity as fans consume content in different varieties, and the highlight-heavy league lends itself well to short snippet consumption.
For the first time since 2019, the NBA has revived one of its most significant international markets by hosting two games in China in 2025. China was the NBA’s main source of economic growth, but the relationship splintered five years ago when Daryl Morey, the then-Houston Rockets general manager, tweeted a photo supporting protests in Hong Kong. In the beginning, NBA commissioner Adam Silver supported the right to free speech, which caused state broadcaster CCTV to remove NBA games from its airwaves and sponsoring China from its network.
Silver has made efforts to mend the relationship between the league and China. Patrick Dumont, the governor of the Dallas Mavericks, was a key figure in the development of the 2025 NBA China Games.
Jon Stainer, who oversees Nielsen’s global sports practice, said in a phone interview that” the international opportunity is fueled by the partners the NBA has brought on board and the athletes themselves who have a lifestyle appeal that transcends borders. The athlete and the content they provide appeal to the younger consumer. That might have a “flywheel effect” to help the league grow globally.