Knicks Reportedly Valued at $3.5 Billion Following Houston Rockets Sale

Timothy Rapp@@TRappaRTFeatured ColumnistSeptember 9, 2017

NEW YORK, NY - MARCH 18: James Dolan, Executive Chairman of Madison Square Garden, answers questions during the press conference to introduce Phil Jackson as President of the New York Knicks at Madison Square Garden on March 18, 2014 in New York City.  (Photo by Maddie Meyer/Getty Images)
Maddie Meyer/Getty Images

The New York Knicks have reportedly gotten even more valuable.

Gerry Smith of Bloomberg reported Thursday that "the team's value has surged to $3.5 billion, according to Macquarie Research, which based its figures on the $2.2 billion sale of the Houston Rockets this week."

Jim Dolan's Madison Square Garden Co. has continued to show growth as well, per Smith:

"The company just completed a $1 billion renovation of the famous arena and plans to bring a new venue to Las Vegas. It recently bought stakes in a dining and hospitality group, a music festival producer and an esports company. Revenue from TV rights is expected to keep growing, and the Knicks and [the NHL's] Rangers are playing to near-capacity crowds."

The Knicks remain one of the most valuable franchises in all of sports. In July, Forbes valued their worth at $3.3 billion, seventh in the world and tops in the NBA. The Dallas Cowboys ($4.2 billion), New York Yankees ($3.7 billion), Manchester United ($3.69 billion), Barcelona ($3.64 billion), Real Madrid ($3.58 billion) and the New England Patriots ($3.4 billion) were ahead of them in the rankings.

The Los Angeles Lakers were the next most valuable NBA team, tied for ninth with the San Francisco 49ers at $3 billion.