The Golden State Warriors, New York Knicks, and Los Angeles Lakers are now valued at $10 billion or more, according to CNBC's annual franchise valuation survey published this week. The milestone marks the first time any North American sports franchises have reached that threshold outside Formula One's constructor holdings.
The aggregate value of all 30 NBA teams now exceeds $240 billion, more than double the $118 billion total from January 2024. The Warriors lead at $10.6 billion, followed by the Knicks at $10.3 billion and the Lakers at $10.1 billion. Phoenix and Boston round out the top five at $8.7 billion and $8.1 billion respectively. The median franchise is now worth $7.2 billion, up from $3.4 billion two years ago.
The valuation surge reflects three converging forces. First, the NBA's new 11-year, $76 billion media rights deal with Disney, NBC, and Amazon begins in 2025-26, guaranteeing each team roughly $120 million annually in national broadcast revenue before a single ticket is sold. Second, institutional capital continues flowing into sports ownership despite rising interest rates—private equity firms Arctos Sports Partners and Dyal HomeCourt Partners have assembled portfolios touching 14 NBA franchises since 2021, establishing a liquid secondary market that didn't exist five years ago. Third, new arena economics have matured: 12 teams now operate venues built or renovated since 2018, capturing luxury suite revenue that runs 40-60% higher than legacy buildings.
The valuation method matters for family offices sizing entry points. CNBC's figures use a revenue multiple approach weighted toward comparable transactions, most recently the $4 billion sale of the Phoenix Suns to Mat Ishbia in December 2022. That deal traded at roughly 11.2x trailing revenue. Today's $10 billion valuations imply multiples near 13-14x, suggesting either revenue growth expectations or a scarcity premium. Worth noting: Sportico's competing valuation model, published last month, pegged the Warriors at $9.8 billion, a $800 million variance that underscores how illiquid assets resist precise pricing until someone writes the check.
For sponsors and allocators, the relevant question is ceiling. The NFL's Dallas Cowboys are currently valued at $11 billion, setting a benchmark for American sports properties. But NBA franchises carry global media leverage the NFL lacks—68 international players opened the 2025-26 season, and league revenue from China, despite ongoing political friction, still exceeds $500 million annually. The Sacramento Kings, valued at $5.8 billion and ranked 24th, would have been the league's most valuable franchise a decade ago.
The WNBA expansion vote proceeding in parallel offers a valuation reality check. The three new franchises—Portland, Louisville, and Philadelphia—are entering at $125 million each, a figure that reflects current revenue of roughly $10-12 million per team but anticipates the league's own media rights negotiation in 2027. If the WNBA achieves even $200 million annually in national deals, those expansion fees will look cheap within 18 months.
NBA commissioner Adam Silver has resisted raising the institutional ownership cap beyond the current 20% stake limit, but minority stakes in the Knicks and Warriors are now changing hands in private markets at prices implying $11-12 billion enterprise values. Those transactions don't appear in CNBC's survey but signal where the next print will land.
Watch for movement in three areas: whether the Phoenix Suns or Boston Celtics test the market before the 2026-27 season, both having cleared recent ownership transitions; whether the NBA adjusts its equity fund rules to allow sovereign wealth direct stakes, following precedent set by the Premier League and PGA Tour; and whether any owner below the $6 billion line begins exit conversations as the gap between large and small markets becomes structural rather than cyclical. The next Board of Governors meeting convenes in July.
The takeaway
NBA franchise values doubled in two years on media rights and institutional capital, with three teams now exceeding **$10B** and secondary markets pricing above published valuations.
nbavaluationsfranchise ownershipprivate equitymedia rights
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