NBA
Charlotte Hornets are fastest growing franchise based on team value
Mat Issa is based in Sterling Heights, Michigan. Yes, he spells his name with one "t." He's obsessed with NBA history, so much so that he's dedicated nearly two years of research to his two mini-series', "Blazing the Trail" and "The Quest for the Best." Right now, Mat goes to law school and writes about the NBA for The Analyst, Forbes, and of course, Basketball Insiders. His work has also been featured in ESPN, SB Nation, FanSided, Basketball News, ONE37pm, and Raptors Republic. Also, he's a lifelong Spartans fan. Go Green!
All posts by Mat IssaUpdated15 Nov 2023
The Charlotte Hornets are known by many fans as a small market team. And while that is true, they are also rapidly growing in value, at least according to Forbes’ yearly NBA team valuations.
Rapid Growth In The Last Year
In the Fall of 2022, Forbes valued the team at roughly 1.7 billion dollars (chump change, I know). Fast forward twelve months, and in Forbes’ most recent iteration of the list, the Hornets are now valued at about 3 billion dollars. For the math people out there, that’s a 76% increase in value over just one year. That increase marks the largest percentage increase of any NBA team over the last year.
Coincidentally (or maybe not), the Hornets have undergone a change in ownership during this time. Michael Jordan (who has been the team’s majority owner since 2010) sold the team this past offseason to a group led by Rick Schnall and Gabe Plotkin.
On top of that, the team also added arguably the best college basketball prospect in the 2023 Draft Class with their second overall pick (Brandon Miller). Also, having someone as flashy and entertaining as LaMelo Ball headlining your organization is sure to drive up overall team value.
However, even with their massive increase in value, Charlotte still only ranks 25th in the league in overall franchise value, narrowly trailing behind the Oklahoma City Thunder, who are valued at 3.05 billion dollars.
Which Other Teams Saw Massive Growth
The Hornets aren’t the only small market team to see a massive spike in value over the last twelve months. The team with the second-largest change was the Denver Nuggets, who saw a 75% increase in their team’s value this last year (3.37 billion).
The Atlanta Hawks saw the third largest increase – 68% in the last year (3.32 billion). The Sacramento Kings were fourth (64% increase, 3.33 billion). And the San Antonio Spurs (3.25 billion), Cleveland Cavaliers (3.35 billion), and Thunder (3.05 billion) all tied for five with a 63% increase in the last twelve months.
All in all, as a fan of the league, it is wonderful news to see so many teams drastically improving their value in such a short period of time.
