Every NBA franchise is now valued above $1 billion, according to Sportico's 2026 valuations released Thursday, with the Boston Celtics marking the final team to cross the threshold at $3.1 billion. The Golden State Warriors remain first at $9.1 billion, followed by the New York Knicks at $8.3 billion and the Los Angeles Lakers at $8.07 billion.
The league-wide floor move arrives seven years after the Memphis Grizzlies and New Orleans Pelicans sat below $1.2 billion in 2019 valuations. The Celtics' climb—they were purchased for $360 million in 2002—reflects the compression of franchise value across markets as media rights, arena modernization, and international revenue streams flatten the gap between large and small cities. The Oklahoma City Thunder, valued at $5 billion, now exceed the Philadelphia 76ers at $4.73 billion despite the 60% population difference in their metro areas.
The $76 billion new media deal beginning in the 2025-26 season explains most of the upward reset. National television money distributes evenly, meaning the Pelicans collect the same $120 million annual check as the Lakers before a single ticket or jersey sells. Family offices and sovereign wealth funds have noted: you're buying a share of the collective broadcast asset, not a standalone entertainment property. The Charlotte Hornets, valued at $3.5 billion, generated $282 million in revenue last season; their enterprise value implies a 12.4x multiple on a business with capped player costs and no relegation risk.
Franchise sale comps support the Sportico figures. Mark Lore and Alex Rodriguez paid $1.5 billion for their staged acquisition of the Minnesota Timberwolves, valuing the whole club around $3.4 billion in 2023. Mat Ishbia closed the Phoenix Suns purchase at $4 billion that same year, a then-record that Sportico now pegs at $5.6 billion—a 40% gain in three years with one conference finals appearance. The Milwaukee Bucks, bought for $550 million in 2014, sit at $4.2 billion today, a 7.6x return in twelve years for owners who built a $524 million arena and signed one transcendent talent.
The valuation ceiling continues to climb. The Warriors' $9.1 billion figure reflects Chase Center—a $1.6 billion self-funded build that hosts 200 events annually—and a local television deal worth $35 million per year through 2029, below market but locked in early. Joe Lacob and Peter Guber paid $450 million in 2010. The Knicks' jump to $8.3 billion follows their 2026 title and Madison Square Garden's $1 billion renovation, which added 40 courtside suites priced at $1.2 million annually. James Dolan has fielded inquiries north of $9 billion; none have progressed past the exploratory call.
The floor matters more than the ceiling for allocation strategy. Limited partners sizing $50-100 million checks now see every franchise as a qualified asset: regulatory moat, revenue certainty, demographic tailwinds in a league that skews younger and more international than its peers. The risk-free rate on NBA equity, assuming no operational alpha, is the league's aggregate revenue growth—tracking 7-9% annually since 2015—minus the players' 50% revenue share and operating expenses. The Memphis Grizzlies, last over the $1 billion line at $3.7 billion, returned 14% annually in enterprise value since Robert Pera's $377 million purchase in 2012.
The next valuation test arrives in Las Vegas. Commissioner Adam Silver continues to discuss expansion, with Las Vegas and Seattle as the named markets. League sources expect a $6-7 billion expansion fee per team, paid in tranches, with the $12-14 billion total split among existing owners as a one-time distribution. That math—$400-467 million per existing team—would flow through as a balance-sheet event, lifting enterprise values without adding revenue. The ownership class is waiting.
Watch for the Pelicans and Grizzlies as the next franchises to transact. Both cleared $3.7 billion in the Sportico list, both sit in smaller markets with younger ownership groups, and both have fielded quiet inquiries in the past eighteen months. Gayle Benson, 77, owns the Pelicans and the New Orleans Saints; estate planning typically begins with the smaller asset. Memphis has the Taylor Swift demo and a $350 million arena opened in 2004, but Robert Pera has started zero public conversations about long-term succession. The next sale will set the clearing price for the bottom third of the league.
The takeaway
The NBA's **$1 billion** valuation floor reflects media certainty and allocation demand; next sale clears the market for 10 teams.
Editorial & Disclosure Notice: This article was written with artificial intelligence from public sources and is published without individual human review. Artificial intelligence and other digital tools are also used for research, analysis, editing, formatting, and production. Errors, omissions, outdated information, or inaccuracies may occur. References to companies, brands, products, services, organizations, or individuals are for informational and editorial purposes and do not imply endorsement, sponsorship, affiliation, partnership, or approval unless expressly stated. All trademarks and other intellectual property remain the property of their respective owners. Opinions, analysis, estimates, and commentary are informational only and should not be construed as financial, investment, legal, tax, medical, procurement, or other professional advice. Information may be corrected, clarified, or updated after publication. Corrections or removal requests: jenny@pops4.com.
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