In the past decade, the New York Knicks is among the few weakest teams in the NBA, but the value of the Madison Square Garden team is quite the opposite.
In early 2020, the famous Forbes magazine valued the New York Knicks at $4.6 billion, which means the Madison Square Garden team maintained the position of the most expensive NBA team for 5 consecutive years.
That sounds very absurd given that the New York City football team has extremely low quality of expertise. They have been absent for 5 years at the Playoffs and have undergone 11 coach changes since 2001.
The New York Knicks is one of the worst NBA teams of the past decade
The New York Knicks has always been considered one of the weakest teams in the league. It has poor team management, poor hunting strategy, which are the reasons why Kevin Durant and Kyrie Irving decided to turn down the team and move to the Brooklyn Nets. But the fact that an NBA team is located in the top major city in the United States makes it a multitude of opportunities for growth. According to the reputation bookie cachvaow88.com, the high population density, economic development, and extremely high standard of living of the people give the New York Knicks a chance to boost its reputation.
2013 was considered the turning point for the New York Knicks when they decided to spend $1 billion on the renovation of Madison Square Garden. Besides being a basketball court, it is also a tourist attraction with countless amenities such as restaurants, bars, and amusement parks, shopping malls…
The key factor above helped the New York Knicks increase 9% in value after just 1 year. Also, the orange-white basketball team earned approximately $90 million in television royalties from the NBA, but what makes the biggest difference is the local television market.
The thriving media industry in New York helped the Knicks reap huge profits, and outperformed other NBA teams. The most obvious example was in 2017 when the Knicks earned up to $100 million from royalties of a local TV channel.
As for a team that entered the playoffs for seven consecutive seasons like the Memphis Grizzlies, they only received $10 million, which is 1/10 of the New York Knicks’ earning, although the performance was completely opposite.
Another important source of New York Knicks revenue comes from ticket prices. In the top richest city in the world, it is not surprising that the Knicks value their ticket the second-highest in the NBA, after Golden State Warriors.
The $1 billion investment in Madison Square Garden was a key factor in the success of the New York Knicks. Madison Square Garden has a capacity of nearly 21,000 seats, and with an average of $250 per ticket, easily racking up $5,250,000 per game, making it the NBA’s top-grossing stadium.
How close did LeBron James get to the New York Knicks?
The New York Knicks had a golden opportunity to have LeBron James. But with their arrogance and carelessness, they lost the opportunity to change the future of the team. For a long time, LeBron James has been the dream of New York Knicks fans. However, LeBron James has never worn the Knicks shirt and has always been to New York as a guest player.
LeBron James did consider going to New York to play. As for the Knicks, the best chance for them to have LeBron James came in 2010. But sadly, it is a forgotten stain in the history of the club and has always been considered the most failed transfer period ever for the home team of MSG.
They wanted LeBron James and the superstar himself wanted to go to the Knicks. However, the meeting was so bad that LeBron James did not give the New York Knicks any other chance. The team offered to have a second meeting, but LeBron turned it down before signing the Miami Heat.
Conclusions
The poor performance probably does not affect the New York Knicks too much when the fans coming to the pitch do not put too much emphasis on winning – losing. Most importantly, the fans here want to be entertained and spend money after stressful working hours.
It has been almost 50 years since the last time the New York Knicks won the NBA championship in 1973 and things are unlikely to change. The Knicks are always underrated in terms of their expertise, but in terms of their ability to make money, they are still the best NBA team!
