NETS GAIN: Franchise value up 48 percent since Brooklyn move, Forbes reports
Forbes’ annual valuation of each NBA team came out on Wednesday, and Nets owner Mikhail Prokhorov saw his team’s net worth rise in a big way since the team moved to Brooklyn.
The report indicated that the Nets are now worth $530 million, up a whopping 48 percent from last year’s value, which is now ranked ninth among franchise values. “The move from New Jersey to the $1 billion Barclays Center has transformed the team from one of the league’s financial laggards to one of its elite, with luxurious floor level suites that rent for $550,000 a year,” Forbes reported.
The article also mentions that the Nets as a team lost $17 million over the last year, but that trend will surely be reversed now that the team is now a major Brooklyn draw. “The Nets posted the NBA’s second-biggest operating loss in their final season playing in Newark’s Prudential Center, but it is a new era for the Nets after their move to Brooklyn and the opening of the Barclays Center,” the story said.