Nets worth 60% more in Brooklyn, may turn profit this season
This is why Nets ownership has worked to make a move to Brooklyn — it’s all about the dollars.The Nets are worth 60 percent more now than they were last season, according to a sports economist. And they may well turn a profit this year, too. That according to the New York Post.
As the Nets gear up for the first season in the soon-to-be-completed Barclays Center, the team is now worth roughly $575 million, according to one sports investment banker. That’s 60 percent more than they were valued just last season by Forbes….
The Nets are projected to generate $140 million in revenue and earn between $10 million and $15 million in profit, a source with direct knowledge said. Last year, the NBA franchise took in half that amount and lost nearly $30 million.
Nets’ owner and Russian billionaire Mikhail Prokhorov’s stake in the team is worth double what it was when he bought it, according to the Post’s math. After sitting through the lockout we all know the owners know how to fudge numbers, but if that is even close to true it is a great investment.
And really, the team is just a slice of the financial pie, the real money is in the Brooklyn Yards development — the residential and retail that will go up around the Barclays Center. Prokhorov and former Nets owner Bruce Ratner are the ones standing to make money off that.
With all those dollars, a max deal for Brook Lopez seems a small price to pay.
It’s good to be the Nets.