Forbes Magazine reports that the Charlotte Hornets made $1.2 million in profits last year.
– Forbes estimates the team is worth $725 million. (Lakers have the highest worth, at $2.6 billion.)
– Owner Michael Jordan paid $175 million for his majority ownership in 2010. Good investment, MJ.
– Hornets rank as the 26th most valuable team in the 30-team NBA.
– What’s changed?
- The NBA began a revenue-sharing model that benefits teams in smaller markets, such as Charlotte.
- New TV deals are bringing more money to franchises.
- The Hornets name is paying off.
- Last year, the team made a playoff run.
Charlotte Hornets value soars to $725 million: Perhaps the editors of Forbes wanted to make Michael Jordan’s w… http://t.co/tlHDgIDDnk
— Erik Spanberg (@CBJspanberg) January 21, 2015
The Forbes list calls the Hornets the Bobcats. This will complicate how readers perceive the data. Fun.
— Joshua B. Priemski (@HoopPlusTheHarm) January 21, 2015
Ticket sales are up — average of 17,393 per game vs 15,518 last season, renovations are coming to Time Warner Arena and the Hornets name is hot, hot, hot. We like this buzz.
Photo: Jeff Siner / Charlotte Observer