Jazz Valued At Staggering Price By Forbes
SALT LAKE CITY, Utah – It’s a good time to be an NBA owner in the state of Utah. In fact, it’s a good time to be an NBA owner anywhere according to Forbes latest valuation of each NBA franchise. According to the business magazine, for the first time in the league’s history, each team is valued at over $1 billion, including the Utah Jazz valued at $1.55 billion.
The valuation makes the Jazz the 20th most valuable franchise across the league, despite being the 22nd largest TV market. The $1.55 billion price tag represents a nine percent increase from last season’s valuation.
Despite the Jazz increase in value, the team dropped a spot in overall value with the Milwaukee Bucks vaulting from 22nd in league value last season to 19th this year.
The Miller family which has owned the team since 1985 originally bought half the team for $8 million and the following year took full ownership for the organization for an additional $14 million.
Thought the Jazz are worth a temptingly large fortune and would likely sell for above market value due to the scarcity of availability, Jazz fans need not worry about the team being sold by the Miller family.
In 2017, the team was placed in a legacy trust that will keep the Jazz in Utah for the foreseeable future.
The New York Knicks are league’s highest-valued team, coming in with a staggering $4.6 billion dollar price tag. The Knicks are tailed by the Los Angeles Lakers at $4.4 billion and the Golden State Warriors at $4.3 billion.
For interested buyers, the league’s lowest-priced team, the Memphis Grizzlies can be had for just $1.3 billion, followed by the New Orleans Pelicans who can be yours for just $1.35 billion.
The Brooklyn Nets were the last NBA team to be sold when Russian billionaire Mikhail Prokhorov sold the team to Canadian Joe Tsai. The Nets were sold for a record $2.35 billion in 2019. Prokhorov bought the Nets in 2015 for just $875 million.
The Jazz nine percent growth was tied for seventh lowest in the NBA. The Toronto Raptors saw a 25 percent growth in value after winning the 2019 NBA finals.
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