According to Forbes, there are only eight NBA franchises worth less than $300 million. The Indiana Pacers are one of them, ranking 27th in the league at a paltry $269 million. That puts them right below the league-administered New Orleans Hornets and ahead of only the Memphis Grizzlies, the Minnesota Timberwolves and the Milwaukee Bucks.
The lesson here?
Don’t buy an professional basketball team in a city that starts with the letter M. Or in Indianapolis, probably.
The numbers are of course very troubling, but we knew this already. For now, Herb Simon remains around, and I think there is some semblance of location/ownership stability until he gets on a little further in years and the team becomes either a toy for his heirs or goes up for sale. That’s when things could become truly strained and fans can become truly concerned about the future of the franchise in this state.
Perhaps the impending lockout and the new CBA will do something to reverse the team’s fortunes.
Here are a few charts that Dan Feldman of Piston Powered made based on the Forbes data showing how all the league’s teams stack up financially. (I edited his originals to highlight the Pacers’ rankings.)