The NBA is currently experiencing a golden era for team owners as franchise values continue to skyrocket, with billion-dollar sales becoming the new standard. The burning question on everyone’s mind is: which NBA franchise reigns supreme in terms of value, and what factors contribute to determining these astronomical figures?
According to CNBC’s esteemed senior sports reporter, Michael Ozanian, the top five most valuable NBA franchises in 2025 are as follows:
1. Golden State Warriors – $9.4 billion
2. New York Knicks – $7.5 billion
3. Los Angeles Lakers – $7 billion
4. Chicago Bulls – $5.8 billion
5. Houston Rockets – $5.7 billion
While each of these teams has experienced varying levels of on-court success in recent years, their financial prosperity is primarily attributed to factors such as market size, stadium agreements, and local television partnerships. In particular, the Golden State Warriors have set the bar high under the leadership of Joe Lacob and Peter Guber, leveraging revenue streams from their state-of-the-art Chase Center.
Ozanian commended the Warriors for their shrewd business acumen, noting that their strategic timing coinciding with their championship success and the presence of star players like Steph Curry has significantly boosted their revenue. The team’s innovative initiatives, such as multi-year sponsorship agreements and personal seat licenses, have further solidified their financial standing, generating nearly $200 million more in local revenue than any other NBA franchise.
The correlation between on-court performance and financial value is not lost on Ozanian, who emphasized the impact of star power in driving fan engagement and revenue. The Los Angeles Lakers’ recent acquisition of Luka Doncic exemplifies how roster moves can elevate a team’s marketability and overall value, especially considering their reliance on ticket sales due to not owning their arena.
On the flip side, Ozanian also delved into the realm of the least valuable NBA franchises, shedding light on the financial standings of teams like the Memphis Grizzlies, Minnesota Timberwolves, New Orleans Pelicans, Charlotte Hornets, and Indiana Pacers. Despite their smaller market sizes, some of these teams have managed to achieve on-court success, underscoring the complex interplay between performance and value in the NBA landscape.
The methodology behind determining these valuations involves analyzing revenue multiples, with NBA teams typically valued between 10 to 13 times their revenue. By examining historical transactions and market-specific details, CNBC aims to provide an accurate snapshot of each franchise’s financial worth, factoring in various economic variables that influence their overall value.
One standout transaction that made headlines was the record-breaking $4 billion sale of the Phoenix Suns to Mat Isbia and Justin Ishbia in December 2022, hinting at the escalating prices in the NBA ownership market. The impending sale of the Boston Celtics, following their recent NBA championship win, is poised to attract significant interest due to the team’s storied history, strong brand presence, and lucrative revenue streams.
As prospective buyers prepare to enter the fray, the Celtics’ valuation of $5.5 billion reflects a blend of championship success, brand recognition, and revenue potential, despite certain limitations in controlling arena economics. The anticipated bidding war for the Celtics underscores the allure of owning a prestigious NBA franchise, with key stakeholders like Steve Pagliuca positioning themselves as potential frontrunners in the acquisition race.
In the ever-evolving landscape of NBA franchise valuations, the interplay between on-court performance, market dynamics, and strategic investments continues to shape the financial destinies of teams across the league. As the league’s financial juggernauts navigate the complexities of modern sports ownership, the allure of owning an NBA franchise remains a tantalizing prospect for investors seeking to capitalize on the ever-expanding world of professional basketball.
