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Reproduced from Sportico; Table: Axios Visuals

The value of NBA teams has been rising at such an incredible pace that even the league's least valuable franchise is now worth well over $1 billion.

What's happening: A new report from sports business publication Sportico found that the average NBA team is now worth $2.4 billion.

Details: "Collectively, the fair-market value of the NBA’s 30 teams, including ownership’s stakes in real estate, regional sports networks and additional team-related holdings, is more than $71 billion," Sportico's Peter J. Schwartz writes.

  • "Three franchises—the New York Knicks, Golden State Warriors and Los Angeles Lakers—are each worth more than $5 billion. (For context, each of those teams has a greater fair-market value than any National Football League team except for the Dallas Cowboys, based on Sportico‘s assessment of football team valuations last August.)"

Flashback: In July 2010, the Warriors were purchased for a then-record $450 million.

How it works: Revenues have obviously declined for the NBA with the pandemic limiting in-person attendance at games, but valuations have fallen by just 2% on average, according to Sportico's methodology.

  • That's largely because much of teams' value comes from real estate holdings and investment funds or ancillary businesses such as the Philadelphia 76ers' Sixers Innovation Lab that have jumped in value since April.

What it means: While football and the NFL remain the most popular sport in the U.S., NBA teams are quietly taking over as the financial titans of the sports world.

  • Axios' Kendall Baker noted last year that according to Forbes' estimates, the average NBA team had seen its value rise by 476% since 2010.

Go deeper

Kendall Baker, author of Sports
Jan 28, 2021 - Sports

The NBA battle for the "second screen" is almost as important as the game itself

Illustration: Sarah Grillo/Axios

Tonight's NBA doubleheader will be broadcast on TNT, which means the network will almost certainly draw more viewers than its competitors throughout the evening.

Yes, but: While the battle for the "first screen" (broadcast) has already been won, the battle for the "second screen" (social media) will happen in real-time.

49 mins ago - Health

Pfizer-BioNTech: Booster doses more effective at blocking Omicron

Prepared doses of the BioNtech-Pfizer Covid-19 coronavirus vaccine in Germany on Dec. 7. Photo: Thomas Kienzle/AFP via Getty Images

Pfizer and BioNTech said Wednesday that two doses of their COVID-19 vaccine were significantly less effective at neutralizing the Omicron variant in early lab tests, but a three-dose regimen was more effective.

Why it matters: Omicron, which has been labeled a variant of concern by the World Health Organization after being identified by scientists in South Africa last month, has forced vaccine makers to reassess the effectiveness of their vaccines against this specific new form of coronavirus.

Mike Allen, author of AM
55 mins ago - Politics & Policy

Biden unveils "Building a Better America" branding

President Biden speaks on infrastructure while visiting a bridge in Woodstock, N.H., last month. Photo: John Tully/Getty Images

President Biden today launched a new website and unveiled bold new branding as part of a nationwide tour to sell the benefits of his infrastructure package.

Why it matters: The White House says passage of the new law shows the ability to "forge bipartisan consensus and prove our democracy can deliver big wins" even in these toxic times.