Knicks No. 1! Knicks No.1! Seriously!
Forbes magazine ranks the Knickerbockers the leagues most "valuable" team
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What hath he wrought? Madison Square Garden chairman James Dolan watches his squad.
Incredibly, the Knicks are rated the No. 1 franchise in the NBA.
No, the rating wasn't based on dysfunction, bad drafts, and the ugliness of the team owner's goatee.
And certainly not on the quality of basketball played at The Garden.
The accolade, the only one the Knickerbockers have won in quite some time, is based purely on money.
For the fourth straight year, Forbes magazine has deemed the Knicks the most valuable franchise in its "Business of Basketball" rankings. The Knicks are worth an estimated $613 million. The second priciest NBA squad are the Lakers at $584 million. The defending champion Boston Celtics ranked third at $447 million.
The Knicks pulled off the rare non-dubious distinction because The Garden rakes in dough off suites and courtside seats.
"The Knicks won only 34% of their games under (Isiah) Thomas and spent a league high $424 million on players over four years, " Forbes explaining in its rankings."The out-of-control spending also meant the Knicks had to pony up $126 million in luxury tax payments. Despite the on-court problems, the Knicks continue to regularly sell out the Garden at outrageous prices. The latest addition is center court VIP boxes a few rows off the floor. The boxes have private wait staff and flat-screen TVs and cost as much as $800,000 for the season."
And who should be the MVP of such a squad of overpriced mediocrity? It would have to be tie between Stephon Marbury, who will collect almost $22 million this season without even suiting up, and MSG Chairman James Dolan who took the apparently bullet-proof company his daddy built and created this mess.
