As one of the most popular sports in America, the National Basketball League has seen an explosion in team values over the last decade. With the average team worth an estimated $3.85 billion, an increase of 35% from a year ago, there is no question NBA teams can be a great investment. As fun as these teams are to watch, they can also be huge profit drivers for their owners.
When you look at an NBA team’s value, it’s easy to wonder where that money comes from. According to Forbes, there are five main sources. The biggest revenue driver is media, followed by general seating, premium seating, concessions & merchandise, and arena sponsorships. With this in mind, let’s dive deep and see which NBA teams are the most valuable based on a combination of all these factors in descending order down to the highest price tag.
Why Are We Covering This?
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There is little debate that sports coverage in America is responsible for hundreds of billions in revenue. In each city where an NBA team exists, they are big revenue drivers and game nights are big business not just for the stadium but also for the surrounding area of bars, restaurants, and hangouts. When you consider the impact on local economies, stories like this make a lot of sense to a website that covers the economy on the regular.
15. Denver Nuggets
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- Total value: $3.38 billion
- Revenue: $348 million
There is no question that the Denver Nuggets will continue to be a force in the NBA in the foreseeable future. After winning the NBA title during the 2022-2023 season, the team looked like it would repeat. The one-two punch of Nikola Jokic, Jamal Murray, and Aaron Gordon has helped the Nuggets create a dominant position in the Western Conference and have undoubtedly helped the team grow in value by 30% since last year.
14. Washington Wizards
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- Total value: $3.5 billion
- Revenue: $323 million
The Washington Wizards had an abysmal 2023 season, finishing 15-67 for 14th place in the Eastern Conference. The team’s efforts to build around Bradley Beal, Kristap Porzingis, and Kyle Kuzma collapsed, and now it has to find more star power before it will likely make another playoff run. It’s questionable if the Wizard’s management will be willing to spend what it takes to turn the team’s record around for the 2024-2025 season, but like other teams on this list, losing seasons haven’t hurt overall valuations.
13. Brooklyn Nets
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- Total value: $3.85 billion
- Revenue: $367 million
Playing in the largest TV market in the country undoubtedly helps the Brooklyn Nets drive major revenue. However, the team has made questionable player acquisitions and trades over the last few years and has struggled to find a formula to help it make the playoffs and reach the second round. The team’s lack of huge star power doesn’t help, though it has not hurt its overall valuation.
12. Miami Heat
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- Total value: $3.9 billion
- Revenue: $371 million
Coming off the NBA Finals loss during the 2022 season, the Miami Heat were poised to make another playoff run. Backed by Jimmy Butler and Bam Adebayo, the Heat remain one of the biggest draws in the NBA thanks to the attraction of Miami weather. Owner Micky Arison, who also owns Carnival Cruise Lines, has won three NBA championships and is undoubtedly willing to spend to find the right talent to help the Heat make their way back into the finals.
11. Phoenix Suns
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- Total value: $4.0 billion
- Revenue: $366 million
There is no question the Phoenix Suns had a disappointing 2023 season. In the first year of ownership of the Ishbia brothers, the team has all the star talent it needs to win. This includes Devin Booker, Kevin Durant, Bradley Beal, and Frank Vogel as their head coach. With a 1-2 Booker and Durant combination, the Suns should have been an NBA finals contender but were swept in the first round of the playoffs. The good news is that the Suns remain very marketable, and their valuation will likely increase.
10. Toronto Raptors
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- Total value: $4.1 billion
- Revenue: $305 million
After winning the NBA title in 2019, the Toronto Raptors have struggled to find the same level of success. After trading away stars like Fred VanFleet, Pascal Siakam, and Kawhi Leonard, the team has had to rebuild quite a bit. Unfortunately, the rebuilding effort has yet to pay off, but it certainly hasn’t hurt the team’s valuation as the league’s 10th most valuable basketball team.
9. Philadelphia 76ers
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- Total value: $4.3 billion
- Revenue: $371 million
After starting the 2023 season strong, the Philadelphia 76ers collapsed after star Joel Embiid suffered an injury. While the team recovered and made the playoffs, they lost to the New York Knicks in the first round. There is no question the 76ers have plenty of history, including being the home of Julius Irving, who helped put the team on the map. Some lineup changes are in order if the team is serious about going deep into the playoffs.
8. Houston Rockets
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- Total value: $4.4 billion
- Revenue: $481 million
The Houston Rockets are not the first to come to mind as among the most valuable in the NBA, but they are the 8th most valuable. Talent like Fred VanFleet and Jalen Green helped the team earn a 41-41 record in the 2023 season but missed the playoffs. There’s little argument that the Rockets will need to make some moves in the offseason to find a way to make it back, not just to playoff contention but to even be in the conversation for a possible title.
7. Dallas Mavericks
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- Total value: $4.5 billion
- Revenue: $429 million
On the heels of a loss to the Boston Celtics for the 2023 season NBA title, the Dallas Mavericks have all the pieces in place to come right back next season. The Luka Doncic and Kyrie Irving combination is the best 1-2 punch in the NBA right now. When you add in the flare of the team plus now minority owner Mark Cuban’s public status, it’s no surprise the Mavericks are one of the most valuable teams in basketball.
6. Chicago Bulls
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- Total value: $4.6 billion
- Revenue: $372 million
The Chicago Bulls have long been an NBA darling thanks to the magic of Michael Jordan’s era. Arguably the best player in NBA history, Jordan’s success in the 1990s Bulls helped propel the team to huge valuations. As the team has struggled to repeat the celebrations of the 1990s, the Bulls have some tough decisions to make in the offseason to decide what to do with Zach Levine, Lonzo Ball, and DeMar DeRozan to climb out of the playoff hole.
5. Los Angeles Clippers
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- Total value: $4.65 billion
- Revenue: $425 million
After going 51-31 in the 2023 season, it’s clear the Los Angeles Clippers will be looking to make a deeper playoff run after exiting in the first round. The Clippers’ valuation is undoubtedly thanks to the former Chief Executive Officer of Microsoft’s purchase of the team for $2 billion in 2014. While the team often plays in the shadow of the Lakers, there is no question the Clippers have the right talent on the team, with Paul George, James Harden, and Kawhi Leonard to contend for a title.
4. Boston Celtics
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- Total value: $4.7 billion
- Revenue: $443 million
The Boston Celtics are another truly iconic team. Winner of 18 NBA championships, including the 2023-2024 season title in June 2024, the battles between Magic Johnson and Larry Bird helped grow the NBA and, as a result, each of their respective franchises. With the Celtics’ core of Jayson Tatum, Jaylen Brown, Kristaps Porzingis, and Jrue Holiday back next season, there is a strong chance the Celtics will look to defend their title.
3. Los Angeles Lakers
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- Total value: $7.4 billion
- Revenue: $516 million
Arguably the most iconic franchise in all of basketball, the Los Angeles Lakers’ value is hardly surprising. With decades of success courtesy of Kareem Abdul Jabar, Magic Johnson, Kobe Bryant, Shaquille O’Neal, and Lebron James, the team is well poised to grow in value even more. However, it does need to provide a better core around James, who is aging and likely to retire in the next year or two if the team is serious about making a run at a title to cap off James’ legendary career.
2. New York Knicks
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- Total value: $6.6 billion
- Revenue: $504 million
A surprise second-most valuable team in the NBA, the New York Knicks benefit from playing in the country’s most important media market. The team also plays in Madison Square Garden, one of the most iconic sports stadiums. With the team making a deep playoff run during the 2023 season, expectations are high for 2024 as long as stars Jalen Brunson and Julius Randle stay healthy.
1. Golden State Warriors
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- Total value: $7.7 billion
- Revenue: $765 million
The Golden State Warriors are unsurprisingly the most valuable team in the NBA. Its value has risen significantly after four championship wins over the last decade. Unfortunately, the team has struggled recently to make a run in the playoffs. However, as long as Steph Curry is around, the team should continue to play to sell-out crowds. Now, if they can only figure out what to do with Klay Thompson for next season.
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