Wiz of Awes
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Washington Wizards Worth $1 Billion, According to Forbes

By Ben Mehic

Apr 26, 2015; Washington, DC, USA; Washington Wizards center Marcin Gortat (L) celebrates with Wizards owner Ted Leonsis (R) celebrate on the bench in the final seconds of the fourth quarter against the Toronto Raptors in game four of the first round of the NBA Playoffs at Verizon Center. The Wizards won 125-94, and won the series 4-0. Mandatory Credit: Geoff Burke-USA TODAY Sports
Apr 26, 2015; Washington, DC, USA; Washington Wizards center Marcin Gortat (L) celebrates with Wizards owner Ted Leonsis (R) celebrate on the bench in the final seconds of the fourth quarter against the Toronto Raptors in game four of the first round of the NBA Playoffs at Verizon Center. The Wizards won 125-94, and won the series 4-0. Mandatory Credit: Geoff Burke-USA TODAY Sports /
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Washington Wizards are worth $1 billion, according to an annual report released by Forbes, and could continue seeing their value increase.

This past summer, journeymen NBA players were signing deals that superstars couldn’t dream of just a few years ago.

Despite some owners’ constant complaining about not being profitable, the NBA has globalized basketball and has benefited from the growing market. Teams that casual fans never watch are worth an extraordinary amount as a result.

On Wednesday afternoon, Forbes released its annual NBA team valuations.

The New York Knicks, despite a losing season, have become more valuable. The team is now worth over $3 billion, which makes them the most valuable team in the NBA for the second straight year. The Los Angeles Lakers trail the Knicks, coming in second.

The Washington Wizards, who are currently sitting in the third spot in the Eastern Conference, are the 18th most valuable team in the NBA, per the Forbes report.

Ted Leonsis, who owned 44 percent of the team before becoming majority owner in 2010, paid $310 million for the Washington Wizards.

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Now, according to Forbes, the Wizards are worth $1 billion. The team’s revenue is $155 million and it has an operating income of $6.6 million.

But, as Forbes pointed out, the Verizon Center, which Leonsis also owns, could see a major change in the near future.

Currently, the arena houses the Wizards, Mystics (WNBA) and Capitals (NHL).

Verizon has opted not to extend its naming rights, forcing Leonsis to find a new partner, which could cause financial issues.

For now, however, the Wizards are operating at a plus, it seems.

Washington is in a unique situation because it’s not a small market, but doesn’t get the exposure nor recognition that a large market does.

Playing in the nation’s capital is enticing to free agents, but other cities will always have the natural advantage. The Lakers, for instance, are a historically-winning franchise located in an area that doesn’t experience uncomfortable weather (at least by the Northeast’s standards).

Next: Predicting a Wizards Trade Deadline Deal

D.C. will never have the appeal of a New York or Los Angeles, but it can continue increasing its value if the team wins games. The Golden State Warriors are the third most valuable team in the NBA. That’s only because they’ve experienced a massive amount of success over the past few years.

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