CNBC reporter Michael Ozanian recently broke down CNBC’s rankings for the highest-valued franchises in the NBA for 2025. According to the veteran reporter, team values are based on “multiples of revenue,” including what he describes as “market and arena economics.” They also factor in star power, which drives fan engagement, along with their own projections moving forward.
With that in mind, let’s look at the highest-valued NBA franchises—particularly the Lakers, Knicks and Warriors—three of the biggest names in the league.
Ranking the Highest-Valued NBA Franchises
According to Ozanian’s valuations, the Golden State Warriors are the most valuable franchise in the NBA, valued at $9.4 billion.
The rest of the top five includes the New York Knicks in second at $7.5 billion, the Los Angeles Lakers in third at $7 billion, the Chicago Bulls in fourth at $5.8 billion, and the Houston Rockets at $5.7 billion.
At the bottom of the list are the Memphis Grizzlies and the Minnesota Timberwolves. It’s clear market size plays a big role in valuations. The media markets in cities like Memphis, Minneapolis and New Orleans pale in comparison to those in New York and California.
Warriors Most Valuable Franchise
It’s no surprise the Warriors top the list. On the court, they’ve been the most successful NBA team over the past decade, winning four championships and establishing themselves as a modern dynasty. They’re often mentioned alongside legendary dynasties like the Lakers, Celtics, Bulls, Yankees and Patriots.
They also benefit from the star power of Stephen Curry, arguably the face of the NBA and considered by many to be the greatest shooter of all time. Curry is not only a superstar on the court but a beloved ambassador for the game, finishing with the second-highest jersey sales in 2025.
Ozanian also credited Warriors owners Joe Lacob and Peter Guber for expertly running the franchise and building the new Chase Center, which remains one of the most popular arenas in the league.
Further backing the ranking, Forbes listed the Warriors as the most valuable NBA franchise in 2024 at $8.8 billion.
2nd: New York Knicks
New York is the media capital of the world, so it’s no surprise CNBC and Forbes have the Knicks in the top two. According to Forbes, they also posted the second-highest operating income in the league at $182 million—nearly five times more than borough rivals, the Brooklyn Nets.
Madison Square Garden is often called the “Mecca of Basketball,” and it’s not just a nickname. Fans travel from all over the world to see a game there.
The Knicks also boast one of the most passionate fan bases in sports. When they’re winning, New York becomes electric, with 6th and 7th Avenue regularly shutting down for watch parties during the playoffs.
And they’ve got star power. Jalen Brunson ranked in the top five in NBA jersey sales this season.
3rd: Los Angeles Lakers
The Lakers round out the top three, with Forbes ranking them first in operating income at $199 million. Their global brand and 17 NBA titles, tied for most in league history, help solidify their place among the most valuable franchises.
From Magic Johnson and Kareem Abdul-Jabbar to Kobe Bryant and Shaquille O’Neal, the Lakers’ legacy is iconic. Now led by LeBron James and newly acquired superstar Luka Dončić, the franchise remains one of the NBA’s biggest attractions.
Dončić finished first in jersey sales, while LeBron came in third—giving the Lakers two of the league’s most recognizable stars.
The team’s valuation also benefits from its location in Hollywood, where celebrities like Jack Nicholson have sat courtside for decades.
If the Lakers return to consistent title contention, their value could climb even higher, given the market, fan base and star power all working in their favor.
