Sixers Value Up To $469 Million, One Of Four Teams To Lose Money Last Year
PHILADELPHIA (CBS) – The Sixers current slogan is "together we build." The team traded its best player in the offseason, and are building with youth and the draft. It may mean wins in the future, but for now, it means a lot of losses, and a lots of empty seats.
Hopefully for the team, as the team builds, the wins also equate to dollars.
According to a report from Forbes magazine, the Sixers were one of four NBA teams to lose money in 2013. The Brookyln Nets lost the most money in the league, with a $19 million operating income deficit, the Sixers had the next biggest deficit with $3.8 million. The other two teams to lose money, according to the report, are the Atlanta Hawks and Minnesota Timberwolves.
The Sixers are currently last in the NBA in attendance, at an average of 13,457 per game.
The report also provides total value for NBA franchises. The Sixers are currently the 23rd most valuable franchise in the NBA, at $469 million. The current owners, a group led by Josh Harris, bought the Sixers for a reported $280 million in 2011. The team is worth 12% more than it was at the team's last valuation last year.
The NBA has three teams worth over a billion dollars. The Knicks are the top at $1.4 billion, the Lakers at $1.35 billion, and the Bulls at $1 billion.
The entire report can be read at Forbes.
