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December 10, 2009
Not a slam dunk
Knicks lose most valuable NBA team title
NY Post
by Paul Tharp
Billionaires aren't getting the bang they once did from owning a basketball team -- particularly the Knicks and the Nets.
The Dolan family's pride got hit hard yesterday, as their beloved basketball team toppled from its long-held position as the NBA's most valuable and highest-grossing team, according to Forbes magazine's annual rankings.
Hey, at least they had a high place from which to tumble.
Across the Hudson River, Bruce Ratner's New Jersey Nets languished near the bottom of the rankings for the second year in a row.
...Generally speaking, it wasn't a good year for team owners. The average value of an NBA team fell for the first time in 11 years of Forbes' rankings, sliding 4 percent to $367 million.
Forbes blamed the recession and high ticket prices -- averaging $50 a seat -- for declining sales and attendance. Twenty-one teams saw their values decrease since last year.
Posted by eric at December 10, 2009 11:50 AM