$9.8B valuation places the Knicks second only to the Warriors in franchise equity, a 30% jump from $7.5B two years prior. Madison Square Garden's ownership structure—combining arena, team, and real estate—creates a valuation moat absent from pure-play franchises. The Knicks trade at a significant premium to the NBA median, driven by Manhattan's irreplaceable media market, consistent playoff revenue, and MSG's $2B+ annual consolidated revenue from entertainment, sports, and real estate.