The average NBA team is now worth $369 million, 1% more than last year. But several of the league’s 30 teams have not fully recovered from the recession, and as a result values are still 2.6% below the $379 million peak average they hit two years ago.

如今NBA球队的平均市值是3.69亿美元,比去年增长1%，但是30支球队中仍有 数支受经济萧条所困经营惨淡，以至于现在NBA球队的平均市值比两年前创造的 峰值3.79亿美元缩水了 2.6%。

No player in the 64-year history of the National Basketball Association has come close to having the immediate¹ and profound impact that LeBron James had when he bolted the Cleveland Cavaliers for the Miami Heat this summer. The King’ s move accounted for both the biggest gainand drop in team values: the Heat’s worth increased 17%, to $425 million (seventh among the NBA’s 30 teams), and the Cavaliers plummeted³ 26%, to $355 million (15th).

勒布朗?詹姆斯去年休赛期从克利夫兰骑士队转投至迈阿密热队时，对一个球 队价值所产生的迅猛而深远的影响，在NBA 64年的历史中没有任何一个球员能与 他比拟。小皇帝的转会迁出了NBA历史上最大的球队价值涨跌幅。迈阿密热队的市值猛然增长了 17%达到4.25亿美金(30支球队中排名第七），骑士队市值则暴跌26% 至3.55亿美金(第15位)。

The Heat sold out their season ticket inventory⁴ for the 2010 — 2011 campaign after four straight years of attendance declines. Ticket prices are going up next year and ratings for Heat games on Sun Sports, the Fox-owned regional sports network, have doubled this season. Meanwhile, after winning more than 60 games each of the past two seasons, the Cavs won only eight of their first 45 games this year and owner Dan Gilbert recently announced that prices for Cavs games would be lowered next season.

在之前连续4年球队比赛上座率下降的情况下，今年迈阿密热队售馨了他们2010 ~ 2011全年的季票。球队明年的票价还将继续上涨,热队的比赛在FOX旗下的 区域性电视网络SUN SPORTS上的转播场次也翻了一番。同时，之前连续2年取得常 规赛60场胜利以上的克利夫兰骑士队在新赛季开季的45场比赛中仅仅贏了 8场，老 研.吉尔伯特进而宣布骑士队下赛季比赛的票价还将下调。

The New York Knicks replace the Los Angeles Lakers as the NBA，s most valuable team, worth $655 million, up 12% from last year. Signing Amar’e Stoudemire has been a big help both on the court and with sponsors. The Knicks sold out their full -season ticket inventory1 for the first time since the 2001 -02 season. The Knicks’ parent company, Madison Square Garden, Inc., signed a sponsorship2 deal with JP Morgan Chasein September that’s worth at least $30 million a year over 10 years.

今年纽约尼克斯队取代洛杉矶湖人队成为NBA最有价值的球队，其市值6.55 亿美元相比去年增涨了 12%。成功签下阿玛瑞?斯塔德迈尔在观众和赞助商中都取 得了很大的促进作用，使尼克斯队自2001 ~ 2002#季之后第一次售空所有的季票。 尼克斯的主场运营商，麦迪逊广场花园有限公司也在9月顺势词摩根大通公司签下 了新的合作赞助协议，在今后的10￥里每年将得到至少3000万美元的赞助费。

Our valuations sometimes differ from the amount teams have recently sold for. Our estimations are based on the team’s current economics (unless ground has been broken for a new building) and do not include the value of real estate⁵. For example, we value the Warriors⁶, who negotiated a more lucrative3 cable deal soon after Peter Guber and Joe Lacob bought the team, at $363 million. One reason the new owners paid $450 million is their lease at the antiquated⁸ Oracle⁹ Arena¹⁰ expires in 2017 and the building is likely to be renovated¹¹, with the team getting a more lucrative⁷ lease or a new building entirely¹².

我们的价值核算方法有时同球队的实际售价并不相符。我们是根据球队现阶 段的经济情况做出评估，不计算固定资产，除了正在投资施工中的。比如勇士队，在 彼得?古贝尔和乔?拉柯伯以3.63亿美元买下该队后不久又考虑再次转手，由于球 队原主场甲骨文体育馆的租约将于2017年到 期而且随后有可能进行整体翻修，下一个新 卖家因此要支付4.5亿美元包括将来新的场地 租金或者为球队建造一座新的球馆。

In June, Ted² Leonsis purchased the 56% of the Washington Wizards and Verizon Center that he did not already own, plus the Baltimore -Washington D.C. Ticketmaster franchise¹³, in a deal that put a value on the whole enterprise of $551 million. We value the Wizards at $322 million because we only include the revenue the team gets from the Verizon Center, not the value of the real estate itself.

6月份，.泰德?莱昂西斯买下了华盛顿奇 才队以及威瑞森中心剩余的56%的股份，再加 上巴尔的摩和华盛顿特区票务网特玛捷独家 经营权’这让他整个产业的价值到达5.51亿美 元。我们对奇才队的估价为3.22亿美元，因为 我们只计算球队在其主场本身的收益，不包 括固定资产的价值。

The bad economy and a few suspect markets (Minnesota, Sacramento, Indiana among others) drained profitability during the 2009-10 season due to lower ticket receipts. Operating income (earnings before interest, taxes, depreciation¹⁴ and amortization4) fell to an average of $6.1 million, 22% lower than the previous season and the lowest figure since the 2002-03 season. Worse, 17 teams lost money, the most since the lockout-shortened 1998-99 season. Several franchises¹⁵ like the Detroit Pistons¹⁶ and the New Orleans Hornets are on the market, but can’t find buyers at the right price.

2009 ~ 2010赛季整年球票收入惨淡，经 济不景气加上对市场前景的怀疑(明尼苏达、萨克拉门托、印第安纳等)使他们的利润率逐 渐枯竭。营业收入(税前，未计利息、货币贬 值、信贷等因素)跌至平均610万美元，比上赛季下跌了 22%，创下了自 2002 ~ 2003赛季之后的最低记 录。更可怕的是，联盟中有17只 球队亏损，这也是自1998 ~ 1999那个缩水赛季以来的最高 的记录。像底特律活塞和新奥 尔良黄蜂等很多球队的球员都 流入自由球员交易市场，但获得合同的人聊聊无几,球员交易市场反应惨淡。

However, if NBA commissioner¹⁷ David Stern gets his way, an imbecile would be able to make money running a team. Stern wants to lop $750 million off of player costs, lowering the portion of basketball -related revenue that goes to players from 57% to around 40%. If Stern succeeds, even teams like the Hornets, who were thought to be headed for bankruptcy¹⁸ before the NBA rescued the franchise, would immediately rise at least 30% in value because potential buyers would know they don’t run the risk of writing checks to cover operating losses.

然而，按照NBA总裁大卫?斯特恩的构想，只要拥有一只NBA球队，傻子都能嫌 到钱，他打算把联盟球员工资减少7.5亿美元，把球员占有篮球相关收人的57%降低 到40%左右。如果斯特恩成功的话,哪怕像新奥尔良黄蜂这样被认为即将面临破产 而被NBA官方托管的球队市值也会至少瞬间提升30%,因为潜在的卖家不用再担 心要掏腰包补贴亏损了。