By DARYL RUITER, 92.3 The FanBy Daryl Ruiter | 92.3 The Fan

CLEVELAND (92.3 The Fan) – Forbes Magazine released it’s annual valuations of NBA franchises Wednesday and the Cleveland Cavaliers are in the middle of the pack.

The magazine ranked the Cavaliers 16th out of 30 teams and estimated the franchises’ worth at $434 million. Forbes also listed the team as having a $19 million profit for the 2011-12 season.

Forbes wrote of the financial state of the franchise: “The Cavaliers went 21-45 during the 2011-12 season and saw attendance plummet 21%, 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).

“For the 2012-13 campaign, the team plans on introducing a reconfigured scorer’s table intended to increase the amount of television exposure courtside advertisers get by at least 15% which should help boost revenue.”

Owner Dan Gilbert purchased the Cavs for an estimated $375 million in 2005.

The New York Knicks, bolstered by extensive renovations to Madison Square Garden, passed the Los Angeles Lakers as the league’s most valuable team at $1.1 billion.

The Lakers were valued at $1 billion by Forbes while the Knicks saw their value increase 41 percent.

The report released Wednesday estimated the average NBA team’s value at $509 million, a 30 percent increase from last year.

The Chicago Bulls, Boston Celtics and Dallas Mavericks round out the top five.

The Milwaukee Bucks were the least valuable at $312 million. The Nets’ value increased 48 percent to $530 million, ranking ninth, after their move from New Jersey to Brooklyn.

(TM and Copyright 2013 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2013 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)


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