the New York Knicks' value at $3.6 billion.

紐約尼克隊的身價為 36 億美元。

Making it the highest valued franchise in the NBA

這使它連續三年成為 NBA 最有價值

for three straight years.

的球隊。

But the team's business prowess hasn't translated

但是，球隊的強大商業實力並沒有轉化成

to success on the court.

球場上的成功。

The Knicks have endured five straight losing seasons,

尼克隊經歷了連續 5 個賽季都輸球

won one playoff series in the past decade,

在過去 10 年的季後賽只贏了一次

and gone through 11 coaching changes since 2001.

並且自 2001 年以來換了 11 個教練。

Plus, the team's total attendance has fallen

此外，在過去的兩年裡

for the past two years.

球員的出勤率也下降了。

So if the Knicks aren't winning

因此，如果尼克隊無法贏球

or even as popular anymore,

甚至不再受歡迎

why is the franchise so expensive?

為什麼球隊還是身價不斐？

Well, it starts with the foundation

好吧，就從它開始創立說起

and the Knicks' is Madison Square Garden.

尼克隊屬於「麥迪遜廣場花園」公司。

David Berri: "The stadiums are like amusement parks

David Berri：「這座體育館就像個遊樂園

and there's such an atmosphere to go to it,

充滿了這樣的氣氛

that they've made it so that wins and gate revenue

他們創造出這樣的氛圍，因此贏球對於門票收入

are increasingly have a smaller and smaller link."

的影響就越來越小。」

Narrator: According to Forbes,

旁白：據「富比士」雜誌報導

Madison Square Garden is valued at $828 million

「麥迪遜廣場花園」的價值為 8.28 億美元

and accounts for 23% of the Knicks' value.

佔尼克隊市值的 23％。

Back in 2013,

早在 2013 年

the Garden underwent a $1 billion renovation

「麥迪遜廣場花園」就進行了 10 億美元的翻新工程

and the franchise is still profiting from it.

特許經營權使得它仍然繼續獲利。

The changes created new channels for sponsorship,

這些改變為他爭取到更多的贊助商

like the Chase bridges,

此外像是設立 Chase bridges 觀球區

and in 2017 the stadium updated its suite membership,

以及在 2017 年更新了其會員資格

connecting with the Tao Group.

並與 Tao Group 集團建立合作關係。

Both factors amounted to a 9% increase in value

這些因素使得它的市值

from the previous year.

比前一年增加了 9％。

Another key to the Knicks' off-court success

尼克隊在球場以外成功的另一個關鍵因素

is the organization's fixed revenues.

是球團擁有固定收益。

Fixed revenues are revenues not linked to wins.

固定收益是指與贏球無關的收益。

Fixed revenues in sports have gotten

體育領域的固定收益

bigger, and bigger, and biggere over time.

隨著時間而變得越來越高。

So a fixed revenue is your national broadcasting deal.

固定收益是來自於全國性的電視轉播交易。

It's not related to wins.

與比賽勝負無關。

The NBA is currently in the midst

NBA 目前正處於一個

of a nine year, $24 billion national TV contract.

為期 9 年總金額 240 億美元的全國電視轉播合約中。

The deal pays the NBA about $2.6 billion per year,

這筆交易每年支付 NBA 約 26 億美元

which equals about $88.9 million per team.

相當於每支球隊可以分到約 8890 萬美元。

The payout is three times higher than the value

金額比 NBA 前一年

of the NBA's previous one

高出三倍

and that influx of cash caused

現金的大量流入

the league's salary cap to jump.

導致聯盟的球隊薪資上限飆升。

The cap jumped from $63 million

兩個賽季的上限從 6300 萬美元躍升至

to $94 million in two seasons

9400 萬美元

and players' salaries rose along with it.

球員的薪水也隨之上漲。

One owner told ESPN, quote,

一位老闆告訴 ESPN 說：

National revenues drive up the cap,

全國性的收益增加，提高了工資上限

but local revenues are needed

但是地方性的收益也必須增加

to keep up with player salaries.

才有辦法因應球員新資的調漲。

If a team can't generate enough local revenues,

如果一支球隊不能產生足夠的地方收益

they lose money," unquote.

他們就會賠錢。

One major source of local revenue

根據富比士雜誌的分析

that factors into Forbes' valuation

地方收益的主要來源之一

is local television markets.

就是靠當地的電視轉播。

In 2017, the Knicks made $100 million

在 2017 年，尼克隊在當地電視轉播交易中

on its local TV deal.

賺了 1 億美元。

In comparison, the Memphis Grizzlies,

相較之下，孟菲斯灰熊隊

a team that, up until 2017,

一支在 2017 年之前

made the playoffs seven seasons in a row,

連續 7 個賽季進入季後賽的球隊

have a TV market that is worth one tenth of New York's.

其電視市場的價值，僅相當於紐約尼克隊的十分之一。

So if you could have one of these

因此，如果你能有一個這樣巨大的

giant television deals,

電視轉播交易

whether you win or not is not gonna make a big difference.

無論是否贏球，都不會有太大的影響。

Other teams in big markets

市場上的其他球隊

have similar values to the Knicks.

相較於尼克隊情況也差不多。

Teams with hefty TV deals, expensive stadiums,

擁有龐大的電視市場，昂貴的體育館

and low winning percentages

但獲勝率低的球隊

round out the top of Forbes' list.

身價在富比士榜單上名列前茅。

While successful small market franchises,

然而市場規模較小但球隊很強

like the Portland Trail Blazers,

例如波特蘭開拓者隊

who've made five straight trips to the playoffs,

已經連續五次打進季後賽

and the Oklahoma City Thunder,

以及奧克拉荷馬雷霆隊

who've reached the playoffs in eight

在過去 9 年中有 8 次

out of the past nine years,

打進季后賽

end up in the middle of Forbes' list.

它們的身價卻僅及富比士排行榜的中段班。

These teams are better on the court,

反而是這些球隊在球場上表現更好

but they're worth half of what the Knicks

但他們的身價卻僅有尼克隊

or Lakers are worth.

或湖人隊的一半。

There is not a statistical link

球隊市場規模的大小

between market size and wins in the NBA

和贏球率之間沒有統計上的關聯性

or in any other sport.

在 NBA 或其他運動都一樣。

Market size does not drive wins.

市場規模不會幫助你贏球。

So the Knicks are not struggling financially.

所以尼克隊在財務上沒有問題。

They're doing quite well, I would guess, financially.

我認為它們財務上表現得很好。

They're not doing well on the court,

而他們在球場上表現不佳

but on court performance is really mostly

但是在球場上的表現實際上

a function of your ability to evaluate talent.

主要取決於你發掘球員天賦的能力。

In that, there is some disparity in doing that.

在這方面，尼克隊的確差了一些。