Pistons’ Value Drops
DETROIT (WWJ/AP) – Just a year ago, the Detroit Pistons were the fourth most valuable franchise in the NBA, but that is no longer the case. The team has now dropped to #13.
The rankings, put together by Forbes magazine, list the New York Knicks as the league’s most viable franchise at $655 million. The Pistons have gone from $479 million last year down to $360 million – or a drop of 25 percent.
It comes at a time when the widow of the owner, the late Bill Davidson, is trying to sell the club. The trend is being blamed on a losing team and a bad economy.
But, if it’s any comfort the Cleveland Cavaliers saw the biggest value decrease in the NBA from year to year with a league-high drop of 26 percent to $355 million.
Elsewhere around the NBA, the Lakers went up 6 percent from $607 million to $643 million. Chicago was third at $511 million, followed by Boston ($452 million), Houston ($443 million) and Dallas ($438 million). After signing Lebron James, the Miami Heat had the biggest percentage rise, a 17 percent increase to $425 million, good for seventh place.
(Copyright 2011, WWJ Newsradio 950. All Rights Reserved. The AP contributed to this report.)