Toronto Raptors worth $400 million more than last year
The Toronto Raptors stock is on the rise in more ways than one. While the team is enjoying a successful campaign on the hardcourt this season, a trip to the playoffs last year and some very savvy marketing on the part of MLSE has witnessed a dramatic increase in the worth of the franchise, at least if you believe Forbes annual rankings of NBA teams. The Raps leapfrogged four spots from the 2014 list -- from 18 to 14 -- with an estimated value of $920 million. The Leafs NHL franchise, for those who are interested, is valued at $1.3 billion.
It's not really surprising that the Raptors have increased in value, even if the amount seems staggering. As much as Toronto is still considered a hockey town, the basketball team has becoming increasingly more popular with young fans in particular. It probably doesn't hurt that the product on the ice from the Leafs hasn't exactly been stellar over the last few seasons.
While the Leafs' playoff appearance in 2013 ended in disaster against the Boston Bruins, the Raptors losing campaign against Brooklyn Nets bolstered the team's TV viewership by as much as 25 per cent according to Forbes. I suppose the team is exciting enough that many people decided to keep right on riding the bandwagon.
Photo by Howard Yang in the blogTO Flickr pool.
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