- Joined
- Jul 14, 2005
- Messages
- 20,027
- Reaction score
- 49,800
- Points
- 148
Posted on Fri, Dec. 23, 2005
Cavaliers notebook
Franchise's value jumps high with James
Forbes: Team is worth $356 million, ninth most
By Brian Windhorst
Beacon Journal sportswriter
CHICAGO - They are just informed and intelligent estimates, but Forbes has built a good reputation for its guesses.
The financial publication released its annual report on NBA team values Thursday, and its viewpoint of the value of the Cavaliers continues to skyrocket. Forbes valued the Cavs at $356 million, up 20 percent from a year ago. It was the third-highest jump in value in the league behind the Miami Heat and Memphis Grizzlies.
Overall, Forbes reported that the franchise's value has soared 60 percent, from $222 million, since it drafted LeBron James in 2003. Ranked outside the top 20 as little as four years ago, the Cavs are now said to be the ninth most valuable NBA franchise.
Last year, Forbes calculated the club's value as $298 million. Dan Gilbert and his group purchased the team from Gordon Gund in March for $374 million, but that included the lucrative operating and naming rights to what is now Quicken Loans Arena.
Even without a playoff appearance in seven years, the Cavs' swelling fan base enabled them to collect $102 million in revenue last season, reported the magazine. The Cavs, like all NBA teams, refuse to disclose their profit/loss statements, but Forbes estimated that they made $16 million in operating revenue last year. However that excludes numerous variables including taxes; most NBA teams lose money.
Forbes also recently ranked Gilbert on its list of the 400 richest Americans for the first time at 384th. His estimated worth is $900 million with major holdings in Quicken Loans, a venture capitalist group called Camelot Ventures and a non-embryonic stem cell company called Cellerant among others.
Hughes returns
Cavs guard Larry Hughes missed practice and the team's flight to Chicago on Wednesday to be at his brother's side in a St. Louis hospital. His brother, Justin, had a heart transplant 10 years ago and continues to battle complications. Larry Hughes flew to Chicago late Wednesday and was in the starting lineup against the Bulls.
Justin, 20, has been in the hospital fighting complications before, but Hughes never has had to leave to be with him before.
``They usually try to downplay it so I don't come home, but I had a feeling I needed to be home, and it was the right decision,'' Hughes said. ``They're treating him. It will probably be a couple months before they can get it right. Every family has something they deal with; this is our challenge.''
Cavaliers notebook
Franchise's value jumps high with James
Forbes: Team is worth $356 million, ninth most
By Brian Windhorst
Beacon Journal sportswriter
CHICAGO - They are just informed and intelligent estimates, but Forbes has built a good reputation for its guesses.
The financial publication released its annual report on NBA team values Thursday, and its viewpoint of the value of the Cavaliers continues to skyrocket. Forbes valued the Cavs at $356 million, up 20 percent from a year ago. It was the third-highest jump in value in the league behind the Miami Heat and Memphis Grizzlies.
Overall, Forbes reported that the franchise's value has soared 60 percent, from $222 million, since it drafted LeBron James in 2003. Ranked outside the top 20 as little as four years ago, the Cavs are now said to be the ninth most valuable NBA franchise.
Last year, Forbes calculated the club's value as $298 million. Dan Gilbert and his group purchased the team from Gordon Gund in March for $374 million, but that included the lucrative operating and naming rights to what is now Quicken Loans Arena.
Even without a playoff appearance in seven years, the Cavs' swelling fan base enabled them to collect $102 million in revenue last season, reported the magazine. The Cavs, like all NBA teams, refuse to disclose their profit/loss statements, but Forbes estimated that they made $16 million in operating revenue last year. However that excludes numerous variables including taxes; most NBA teams lose money.
Forbes also recently ranked Gilbert on its list of the 400 richest Americans for the first time at 384th. His estimated worth is $900 million with major holdings in Quicken Loans, a venture capitalist group called Camelot Ventures and a non-embryonic stem cell company called Cellerant among others.
Hughes returns
Cavs guard Larry Hughes missed practice and the team's flight to Chicago on Wednesday to be at his brother's side in a St. Louis hospital. His brother, Justin, had a heart transplant 10 years ago and continues to battle complications. Larry Hughes flew to Chicago late Wednesday and was in the starting lineup against the Bulls.
Justin, 20, has been in the hospital fighting complications before, but Hughes never has had to leave to be with him before.
``They usually try to downplay it so I don't come home, but I had a feeling I needed to be home, and it was the right decision,'' Hughes said. ``They're treating him. It will probably be a couple months before they can get it right. Every family has something they deal with; this is our challenge.''