It’s been an up and down year for the Chicago Bulls on the court, but according to a new ranking, the team is doing just fine when it comes to raking in the dough.
According to a new valuation released by Forbes Magazine, the Bulls are the third-most valuable franchise in the NBA, estimated to be worth $2.3 billion. The New York Knicks are tops on the list, with a value of $3 billion, and the Los Angeles Lakers trail closely behind at $2.7 billion in the annual ranking.
Last year the Bulls' value rose to $2 billion, which was a 100 percent increase over their 2014 valuation.
The Bulls’ high-ranking on the list comes from a healthy revenue of $228 million over the last year, coupled with the best attendance in the NBA, according to the magazine. The team is also leading the league in attendance this season, with an average of 21,696 fans filling the United Center on game days.
The increase in the Bulls’ value inches them closer to the top of the heap in terms of Chicago sports teams, narrowly trailing the $2.45 billion valuation on the Chicago Bears that the magazine released in 2015.