Forbes: Cavs only team to lose money in 2017

Dan Gilbert's Cleveland Cavaliers were the only NBA team to lose money in the 2016-17 season, according to a report by Forbes Magazine.

LeBron James and Dan Gilbert are men of their words, though whether they can continue to coexist after the curtain drops on the 2017-18 season is very much up for debate.

James delivered on his promise to bring a championship to Northeast Ohio, leading the Cleveland Cavaliers to the NBA championship in the 2015-16 season.

Gilbert, who reportedly promised James he would spend whatever dollars necessary to make that championship come to fruition when they reunited in the summer of 2014, has backed it up.

To the extent, according to Forbes Magazine in its annual franchise valuations, Gilbert’s Cavaliers were the only team in the NBA to lose money on an operating business last season.

Kurt Badenhausen of Forbes writes this of the Cavaliers:

The only team by our count to post an operating deficit after revenue sharing was the Cleveland Cavaliers. The team lost $6.2 million thanks to a $134 million payroll, plus a $25 million luxury tax penalty.

The Forbes story reports for the first time in the history of the league, all of its teams are worth more than $1 billion, with an average value of $1.65 billion. That figure is more than three times what the average value of a franchise was five years ago — $634 million — in 2014.

According to the report, the Cavaliers are worth $1.325 billion, with is below the league average and ranks 15th of 30 teams.

The Forbes story lists the top five teams in franchise valuations as:

  • 1. New York Knicks — $3.6 billion
  • 2. Los Angeles Lakers — $3.3 billion
  • 3. Golden State Warriors — $3.1 billion
  • 4. Chicago Bulls — $2.6 billion
  • 5. Boston Celtics — $2.5 billion

2 Comments on "Forbes: Cavs only team to lose money in 2017"

  1. Just , , , , , , OUCH !

  2. Siding with the billionaires again?who cares

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