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Can You Believe That The New York Knicks Could Be Worth As Much As $3 Billion?

Submitted by on June 8, 2014 – 9:09 amNo Comment
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Sorry, New York Knicks fans, but James Dolan is not going to sell his team anytime soon. You might want him to sell the team and pass it on to someone who will actually do something useful with it. But he has said over and over and over again that he isn’t going to get rid of the Knicks. Er, at least, that’s what he said before the Los Angeles Clippers were sold by Donald Sterling recently, which effectively upped the price of every single NBA franchise from here on out.

Late last month, the Clippers were sold to former Microsoft CEO Steve Ballmer for roughly $2 billion. And while some people out there believe that Ballmer paid way too much for the franchise, there are lots of other people who believe that NBA franchises—and sports franchises as a whole—are going to routinely begin selling for billions of dollars, instead of just millions. And one of those teams in particular could sell for $3 billion if it was sold today. That team? None other than the Knicks. They were recently valued at anywhere between $1.4 billion and $3 billion by Rich Tullo, an analyst at Albert Fried & Company, who said that the recent sales of teams like the Clippers, Milwaukee Bucks, and New Orleans Pelicans have driven the price of franchises way up.

Are the Knicks really worth that amount of money, though? After all, they’re the Knicks, and they haven’t been very good in recent years. But according to Tullo, that doesn’t matter. He believes that because the Knicks are a part of Madison Square Garden and because they have their own sports network in the Northeast, they could be worth significantly more than anyone previously thought. Further, the land that MSG currently occupies would fetch a pretty penny for Dolan & Co. if he ever decided to move the team to a different location. Therefore, the Knicks as a whole are literally worth a fortune.

Do you find it hard to believe that the Knicks—the Knicks!—are worth $3 billion? Or are you not all that surprised by that figure after seeing the Clippers sell for $2 billion?

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