Charlotte Hornets

Forbes: Hornets made a small profit last season

Charlotte Bobcats owner Michael Jordan looks on after practice at NBA basketball training camp in Asheville, N.C., Tuesday, Oct. 2, 2012. (AP Photo/Chuck Burton)
Charlotte Bobcats owner Michael Jordan looks on after practice at NBA basketball training camp in Asheville, N.C., Tuesday, Oct. 2, 2012. (AP Photo/Chuck Burton) AP

If Forbes’ annual estimate of NBA franchise values is accurate, the Charlotte Hornets made a slight profit last season.

Every January Forbes does financial research to estimate each of the 30 franchises’ value, plus revenue and operating income for the previous season. That Forbes study concluded the franchise’s last season as the Bobcats resulted in a $1.2 million profit on $130 million in revenue.

Forbes estimated the Hornets’ current value at $725 million, 26th among 30 franchises. Forbes ranks the Los Angles Lakers first in value at $2.6 billion and the New York Knicks second at $2.5 billion.

http://www.forbes.com/teams/charlotte-bobcats/

The then-Bobcats benefitted greatly from increased NBA revenue sharing. A late-June article on the Grantland web site quoted a league document that the Bobcats received $22 million in revenue-sharing.

Obviously Forbes estimates amount to educated guesswork, but if they are roughly accurate, then Michael Jordan has done very well since becoming majority owner in March of 2010. That purchase from Bob Johnson was reportedly based on a franchise value of $175 million.

The franchise’s value only figures to rise this season with the increased marketing and home attendance partially attached to the name change to Hornets. This season the Hornets are averaging 17,393 in home attendance, compared to 15,518 for last season.

Related stories from Charlotte Observer

  Comments