The Washington Wizards are now worth $1 billion — and they hold the distinction of being one of the NBA’s least profitable teams, according to a new report on team valuations conducted by Forbes magazine.
The new valuation places the Ted Leonsis-owned franchise at No. 18 in the 30-team league, one below the Oklahoma City Thunder and one spot ahead of the Orlando Magic.
The New York Knicks, at $3.3 billion, had the highest net worth followed by the Los Angeles Lakers at $3 billion and the Golden State Warriors at $2.6 billion, according to the Forbes list. The Chicago Bulls, $2.5 billion, and Boston Celtics, $2.2 billion, rounded out the top five.
Here’s Forbes full list.
Washington fell two spots from last year’s Forbes ranking, when it placed No. 18 with a valuation of $960 million.
The Wizards have been one of the league’s least profitable teams in recent years, writes Forbes, due in large part to a $20 million-plus annual arena debt service bill split with the Washington…Read the full story from the Washington Business Journal.