Dan Gilbert’s Cleveland Cavaliers are reportedly worth $434 million. This report comes from the annual “Business of Baseketball” report issued by Forbes. The Cavaliers, per this amount, rank 16th among the 30 teams in the NBA. Their profit last season, determined by operating earnings (earnings before interest, taxes, depreciation and amortization), was $19 million.
The Cavaliers went 21-45 during the 2011-12 season and saw attendance plummet 21 percent, to an average of just 15,900 per game at Quicken Loans Arena. It was the team’s second season since LeBron James left, but the first they could not use James to entice season ticket holders (James left the Cavs in July 2010 after fans already had purchased season tickets) which provided inflated figures for the 2010-11 campaign.
Per Forbes, the average NBA team is worth $509 million, representing a 30 percent increase over the 2011-12 season. The increase is reportedly due to higher revenue from television, new and renova...
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