Philadelphia is home to the 23rd-most valuable NBA team, according to Forbes Magazine. The business magazine released its rankings for 2014 this week.
According to the report, the organization is valued at $469 million. It represents a 12% increase from their standing last year, one that is not substantial in comparison to other NBA teams. In fact, it is the third-smallest increase and leaves Philadelphia ahead of only the Pistons, Hawks, Bobcats and Bucks among Eastern Conference teams overall.
They achieved a profit of only $117 million. It is “only” $117 million in comparison to other NBA teams, as 24 teams in the league earned a higher profit.
The team certainly has seen its stock drop so the numbers are not too surprising. Philadelphia has gone from three minutes away from competing in the Eastern Conference Finals to now holding out hope to get a top lottery pick in roughly 18 months.
As part of the rebuilding process, Philadelphia also significantly shaved its payroll. The franchise has the lowest payroll this season, paying their team a combined total of less than $45 million in salaries.
Overall, it does represent a long-term gain for principal owner Josh Harris. He bought the team for $287 million, $182 less than its current value. Harris of course is also a part of the group that bought the New Jersey Devils and the Prudential Center.
Three teams were valued at more than a billion dollars, according to the magazine. The Knicks, Lakers and Bulls all topped ten figures, with New York leading at $1.4 billion.
