Despite an overpriced roster, a luxury-tax bill bigger than the GDP of small countries, a losing season, and an owner looking to sell, Forbes values the Brooklyn Nets and the operating stake in Barclays Center at $1.5 billion, sixth-highest among NBA franchises.
Here’s what Forbes had to say about the Nets in their annual valuation of NBA franchises:
The club lost an NBA-record $99 million last season thanks to $206 million in player costs from salaries, benefits and $91 million luxury tax bill, another NBA record. The Barclays Center was the busiest arena in North America in 2013 and the first half of 2014, but the new owners would be on the hook for $50 million annually in bond payments, plus another $15 million to operate the building. Even so, the Nets will be valued like a trophy asset, as the rare sports property put up for auction in the biggest market in the U.S.
Reports earlier this month indicated that Prokhorov was not interested in selling his 45 percent stake in Barclays Center, though that was refuted by the Wall Street Journal. If only his stake in the team is on the market, and Forbes valued both the team and the operating stake in the arena, that bumped up the price.
Despite an underwhelming season, the Los Angeles Lakers rank as the NBA’s highest-valued team at $2.6 billion, with the league-worst New York Knicks ranking second at $2.5 billion. Franchises as a whole saw a valuation increase of 74 percent over the last year, with the average NBA franchise valued at $1.1 billion, according to Forbes.