The Atlanta Hawks franchise is for sale, and while a price tag hasn’t been revealed, a new Forbes report suggests what may be a starting point for negotiations.
According to the magazine’s latest NBA Team Values report, the Hawks franchise is now worth $825 million, double its value in Forbes’ 2014 report, when the figure was $425 million. The latest figures are for the 2013-14 season.
The team, which is on a winning roll, now ranks 22nd on Forbes’ NBA Team Values list, moving up five notches from No. 27 on the previous list.. Revenue was also up and the team was no longer operating in the red.
The Hawks announced that its three ownership groups have unanimously approved a plan to sell the franchise and the Philips Arena operating rights. The decision followed fallout over a leaked racially offensive email from co-owner Bruce Levenson.
Goldman Sachs & Co. and Inner Circle Sports LLC have been hired to advise on the sale of the franchise and related assets.
The Hawks’ value has been on the rise in recent years. Forbes ranked the team No. 28 both in 2012 and 2013, with values of $270 million and $316 million, respectively; and No. 27 in 2014 with a value of $425 million.
The Forbes report says the team generated $133 million in annual revenue and had operating income of $15 million. In the 2014 report, Hawks revenue was put at $119 million and it had an operating loss of $3.6 million.
By comparison, the most valuable NBA team, the Los Angeles Lakers, is worth $2.6 billion. The Lakers generated $293 million in revenue and had operating revenue of $104 million.
Here’s Forbes list of the Top 10 NBA teams based on value:
1. Los Angeles Lakers ($2.6 billion)
2. New York Knicks ($2.5 billion)
3. Chicago Bulls ($2 billion
4. Boston Celtics ($1.7 billion)
5. Los Angeles Clippers ($1.6 billion)
6. Brooklyn Nets ($1.5 billion)
7. Golden State Warriors ($1.3 billion)
8. Houston Rockets ($1.25 billion)
9. Miami Heat ($1.175 billion)
10. Dallas Mavericks ($1.15 billion)