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Forbes: Nets valued at $1.7 billion; 7th most valuable NBA franchise

Noah K. Murray-USA TODAY Sports

Forbes has released their 2016 NBA franchise values, in which they have ranked the Brooklyn Nets as the 7th most valuable franchise in the league, estimating their worth at $1.7 billion.

That puts them behind the New York Knicks, who are first, at $3 billion, the Los Angeles Lakers, Chicago Bulls, Boston Celtics, Los Angeles Clippers and Golden State Warriors. Not bad company, especially for an 11-31 team.

Forbes notes the Nets' revenue as $220 million, but also estimates a operating income at -$5.7 million. Yes, that's a loss.

From Forbes:

Mikhail Prokhorov, through his Onexim Sports & Entertainment bought the 20% of the Nets and 55% of the Barclays Center from Bruce Ratner that he didn’t already own. The Nets have struggled to draw fans to Barclays with attendance ranking among the NBA’s bottom three halfway through the 2015-16 season.

Prokhorov owns both the team and the Barclays Center, fully, which goes into the estimate of $1.7 billion and is on line with the sale price that Prokhorov paid for complete control from Mr. Ratner and his partnership, including Jason Kidd and Bucks owner Marc Lasry.

According to reports, the Nets were valued at $875 million; Barclays at $825. Prokhorov also now owns 85 percent of Nassau Coliseum, where the Long Island Nets will play starting in 2017-18.

Later, in a separate report, Forbes' Chris Smith reports that Prokhorov was the  billionaire owner who had most maximized his investment, finishing ahead of James Dolan of the Knicks.  On the other hand, Smith added, the Nets "managed to be the only franchise to lose money on a operating basis."