Knicks top list of most valuable NBA franchises

Despite operating losses team worth $592 million, according to Forbes

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updated 6:40 p.m. ET Jan. 25, 2007

NEW YORK - The New York Knicks are the NBA’s most valuable franchise despite nearly $40 million in operating losses last season, according to a list compiled by Forbes.

The Knicks topped the list for the second straight year with a value of $592 million, up 9 percent from the previous year. They had an NBA-high $185 million in revenues for the 2005-06 season, but also topped the league with losses of $39 million.

New York had a payroll of more than $120 million, easily the NBA’s largest, while going just 23-59 last season. The Knicks paid coach Larry Brown about $10 million for that season, then paid him another $18.5 million in a settlement after firing him with four years remaining on his contract.

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Though Madison Square Garden chairman James Dolan said earlier this season that “it’s never OK to lose business,” he pointed out that the Knicks represented only about 3 percent of the total business of parent company Cablevision.

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The Los Angeles Lakers were second at $568 million, while the Dallas Mavericks had a 15 percent jump after their first NBA finals appearance and were third at $463 million. Chicago ($461 million) and Houston ($439 million) rounded out the top five.

The complete Forbes list will be appear in its Feb. 12 issue.