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MIAMI (CBSMiami) – While the team was tops on the court last year, the Miami Heat was not tops at the bank.
According to Forbes, the Miami Heat ranks No. 6 in the NBA for worth, with a current value of $625 million, a 37 percent increase from last year, the South Florida Business Journal reported via Forbes.
Who’s worth the most? The New York Knicks, at $1.1 billion. They are followed by the Los Angeles Lakers, at $1 billion; the Chicago Bulls, at $800 million; the Boston Celtics, at $730 million; and the Dallas Mavericks, which is worth $685 million.
Nationally, the value of basketball teams climbed an average of 30 percent to $509 million this year, Forbes reported. The increase can be attributed to renovated arenas, TV deals and a labor deal that is favorable to owners.
Read more at Forbes.
(TM and © Copyright 2013 CBS Local Media, a division of CBS Radio Inc. CBS RADIO and EYE Logo TM and Copyright 2013 CBS Broadcasting Inc. Used under license. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. The South Florida Business Journal contributed to this report.)