The NBA has had another stellar year, with 2023-24 marking a record-breaking season for both revenue and franchise valuations. As the league continues to expand its global presence, its financial growth shows no signs of slowing down, pushing the value of NBA teams to unprecedented levels. With a remarkable $13 billion in league-wide revenue this season and new media deals in place, NBA franchise values are experiencing a dramatic surge.
Let us take a look at the most valuable NBA teams of 2024.
Image via Alonzo Adams/Imagn Images
Here is a list of the NBA’s 30 most valuable franchises in 2024, with notable changes from the previous year:
1. Golden State Warriors – $8.8 billion (+14% YoY)
2. New York Knicks – $7.5 billion (+14% YoY)
3. Los Angeles Lakers – $7.1 billion (+11% YoY)
4. Boston Celtics – $6 billion (+28% YoY)
5. Los Angeles Clippers – $5.5 billion (+18% YoY)
6. Chicago Bulls – $5 billion (+9% YoY)
7. Houston Rockets – $4.9 billion (+11% YoY)
8. Brooklyn Nets – $4.8 billion (+25% YoY)
9. Dallas Mavericks – $4.7 billion (+4% YoY)
10. Philadelphia 76ers – $4.6 billion (+7% YoY)
11. Toronto Raptors – $4.4 billion (+7% YoY)
12. Phoenix Suns – $4.3 billion (+8% YoY)
13. Miami Heat – $4.25 billion (+9% YoY)
14. Washington Wizards – $4.1 billion (+17% YoY)
15. Milwaukee Bucks – $4 billion (+25% YoY)
16. Cleveland Cavaliers – $3.95 billion (+18% YoY)
17. Denver Nuggets – $3.9 billion (+16% YoY)
18. San Antonio Spurs – $3.85 billion (+18% YoY)
19. Atlanta Hawks – $3.8 billion (+14% YoY)
20. Sacramento Kings – $3.7 billion (+11% YoY)
21. Oklahoma City Thunder – $3.65 billion (+20% YoY)
22. Indiana Pacers – $3.6 billion (+24% YoY)
23. Utah Jazz – $3.55 billion (+15% YoY)
24. Portland Trail Blazers – $3.5 billion (+14% YoY)
25. Detroit Pistons – $3.4 billion (+11% YoY)
26. Charlotte Hornets – $3.3 billion (+10% YoY)
27. Orlando Magic – $3.2 billion (+8% YoY)
28. Minnesota Timberwolves – $3.1 billion (+24% YoY)
29. New Orleans Pelicans – $3.05 billion (+20% YoY)
30. Memphis Grizzlies – $3 billion (+25% YoY)
(Note: YOY stands for Year Over Year, which is a financial metric used to compare the performance of a company, investment, or business metric (like revenue or franchise value) from one period to the same period in the previous year. It is often expressed as a percentage to show how much something has increased or decreased in comparison to the same period one year ago.
For example, if a team’s value increased by 14% YOY, it means that the team’s value in the current year is 14% higher than it was at the same time last year.)
Image via Jason Parkhurst/Imagn Images
The NBA’s financial performance is being driven by a combination of increasing revenues, new sponsorships, and lucrative media contracts. According to Forbes, the NBA is set to see another double-digit-percentage jump in revenue this season, surpassing the $13 billion mark reached last year. This surge doesn’t even account for the new national media deals the league signed this past summer, which will take effect in the 2024-25 season. These new contracts are expected to deliver a roughly $4 billion annual raise over previous agreements.
The recent media deal renewal with ABC/ESPN, NBC/Peacock, and Amazon Prime Video for a reported $76 billion over 11 years is a clear indication of the league’s financial strength. This new agreement, valued at an average annual figure of $6.9 billion, is a significant increase from the previous contracts, which averaged around $2.6 billion annually.
As a direct result of these financial successes, the value of NBA teams has skyrocketed. The average value of an NBA franchise is now $4.4 billion, representing a 15% increase from last year. Forbes estimates that no team in the league would sell for less than $3 billion, with three teams surpassing $7 billion in value. These teams are:
1. Golden State Warriors: $8.8 billion
2. New York Knicks: $7.5 billion
3. Los Angeles Lakers: $7.1 billion
These figures place the NBA in an elite class, with only a few other sports teams worldwide—such as the $7.55 billion New York Yankees and the $10.1 billion Dallas Cowboys—reaching similar heights.
The growth in team values is also reflected in the revenue multiples of NBA franchises. As of this year, every NBA team now has a revenue multiple higher than 10, with the average standing at 11.7. This is a significant jump from just 6.9 a decade ago, demonstrating the increasing demand for NBA franchises.
Image via D. Ross Cameron/Imagn Images
A major factor contributing to the rising value of NBA teams is the increasing revenue generated by new and renovated arenas. The Los Angeles Clippers, for example, are set to see a massive boost in revenue from their new $2 billion Intuit Dome in Inglewood. This arena features a 23-year naming rights deal valued at $500 million, far exceeding any other NBA team’s arena naming rights deal.
This move comes after the team spent 25 years sharing the Crypto.com Arena with the Lakers and the NHL’s Kings. The Clippers are poised for growth in this new space, which promises to enhance their financial performance significantly.
Other teams are also seeing benefits from new or upgraded arenas. The Golden State Warriors, after moving to the Chase Center in San Francisco, increased their local revenue from $440 million in 2018-19 to over $700 million last season. The Warriors remain the NBA’s most valuable team for the third consecutive year, with a total revenue of $800 million in 2023-24.
Additionally, the Toronto Raptors are undergoing a $350 million upgrade to their Scotiabank Arena, and the Oklahoma City Thunder have secured over $800 million in funding for a new arena. These renovations and new developments across the league are fueling revenue increases and contributing to the overall rise in franchise values.
The NBA’s financial momentum is also driven by growing sponsorships. The league has recently renewed its uniform and apparel deal with Nike, bringing in even more money. Additionally, the NBA has added new partners in several categories, including Kendall-Jackson wine and Skims shapewear. As the NBA continues to expand globally, its sponsorship network is diversifying, which provides additional revenue streams for both the league and its teams.
Also read: Cleveland’s 12-0 Streak: Can Cleveland Rewrite NBA History?
As the NBA continues to break financial records, the big question remains: how high can team values go? One indicator of this potential is the Boston Celtics, who may soon be sold for a staggering $5 billion to $6 billion. This deal could set a new benchmark for NBA franchise sales. The Celtics’ strong legacy and global brand recognition make them an attractive investment, and the scarcity of control stakes in NBA teams is driving interest.
