Despite five consecutive dismal seasons the Toronto Raptors have gone up in value according to an evaluation put out by Forbes Magazine.
The team has become the NBA’s 18th most valuable franchise worth $520 million, up from $405 in 2013, a 28 per cent increase.
The Raptors also maintain the league’s 12th highest operating income at $28.8 million.
So what’s causing the rise in value? Drake.
Drake was named the new global ambassador of his hometown team, the Raptors, during the off season. Since then Drake has been very involved in the marketing of the team.
On Jan. 11 Drake hosted an at-home game against the Brooklyn Nets in what he called Drake Night. He brought his own DJ, took over the reigns as the starting line-up announcer. He gave each audience member a free black and gold Raptors T- shirt, some of which are selling online for $200.
At half time he gave away two pairs of OVO Jordan Nike shoes– current bid on eBay: $100, 000.
If Drake can do this for the Raptors, imagine what he could do for the city. Drake for mayor?
The NBA’s 20 most valuable teams according to Forbes Magazine:
1. New York Knicks $1.4 billion
2. Los Angeles Lakers $1.35 billion
3. Chicago Bulls $ 1 billion
4. Boston Celtics $875 million
5. Brooklyn Nets $780 million
6. Houston Rockets $775 million
7. Miami Heat $770 million
8. Dallas Mavericks $765 million
9. Golden State Warriors $750 million
10. San Antonio Spurs $660 million
11. Oklahoma City Thunder $590 million
12. Portland Trail Blazers $587 million
13. Los Angeles Clippers $575 million
14. Phoenix Suns $565 million
15. Orlando Magic $560 million
16. Sacramento Kings $550 million
17. Utah Jazz $525 million
18. Toronto Raptors $520 million
19. Cleveland Cavaliers $515 million
20. Denver Nuggets $495 million