Forbes came out with its annual rankings of the most valuable NBA franchises, listing the Orlando Magic No. 18 in the 30-team league.
Forbes released its annual rankings of the most valuable franchises in the NBA and placed the Orlando Magic 18th with a franchise value of $875 million and revenue of $143 million.
With NBA values skyrocketing, it is not surprising to see the Magic worth so much. Lots of owners right now seem to be willing and able to spend a lot of money to get into the NBA club is anyone is willing to sell. Even in smaller markets like Orlando.
It is also not surprising with the success of the Amway Center the Magic are continuing to create revenue even as the team has struggled on the court. The hope when the Magic built Amway Center was to have a more consistent source of revenue and income. That appears to be the case.
That does not mean the Magic have had their struggles financially. Despite an increase in both value and revenue, the Magic actually fell three spots on the list. Other teams appear to be making just a bit more with their teams performing well on the court.
In all, it seems the Magic will be in good position when things turn around, as I wrote for Orlando Magic Daily:
Among the new projects the Magic have undertaken is deepening their ties with Brazil. They will play a preseason game this October against Flamengo and have partnered with several touring companies to include Magic tickets in trips from Brazil to Orlando. It definitely noticeably added to the atmosphere at Amway Center last year.
The Amway Center has been a big financial boost too. The Magic have done a good job selling suites — a key reason the team needed a new arena with Orlando Arena still having the luxury suites at the very top of the arena as part of the “sky box” trend of the 1980s that fell out of vogue shortly after Orlando Arena was built.
It seems things are going well from a business standpoint for the Magic entering the 2016 season. The Forbes ranking seems to confirm that.
The Magic are healthy business wise for sure. That should mean good things when the Magic turn their corner competitively.
