Beleive it or not, the Knicks have gotten even more valuable.
This summer has not been kind to New York basketball. They saw front office mayhem, huge roster mistakes, and trade rumors fly about both of their star players. As a result of all the dysfunction, most would assume the Knicks have devalued themselves.
But according to Ferry Smith of Bloomberg,
“the team’s value has surged to $3.5 billion., according to Macquarie Research, which based its figures on the $2.2 billion dollar sale of the Houston Rockets last week.”
Jim Dolan may not be a good basketball head, but he sure makes one hell of a business man. His company (Madison Square Garden Co.) just completed a huge renovation plan for the arena, while also planning to bring venues to Vegas. This is all while the Knicks continue to draw in the crowds on a nightly basis.
Between the famous arena, the loyal fans, and the high market city, the Knicks remain one of the most valuable franchises in sports. Like it or not, no matter how much he wrecks the team’s reputation, he’ll never wreck their value. He’ll never wreck the money that team brings in.