Los Angeles, CA. is the second most populous city in the US and it’s a center for business and economics. There are a number of successful companies that have headquarters in L.A. but one of the most profitable industries is the booming sports scene. While the City of Angels has been marred by the absence of an NFL football team, this town is still well represented in the world of professional sports.
Big Sports, Big Business
All the recent sports news in Los Angeles hasn’t been positive. After all, former Clippers owner Donald Sterling made ridiculous remarks that got him banned from the league. However, the $2 billion price tag that current owner Steve Ballmer is an excellent barometer to just how popular basketball is in L.A. There has never been an American sports franchise purchased for such a high price, and the Cllppers aren’t even the most popular basketball team in the city. The clippers play in the $375 million dollar Staples Center, which they share with their rivals the Los Angeles Lakers.
The Value of America’s Team
The Lakers are by far the most popular team in the NBA, having played for sixteen of the thirty-four championships since the merger. The Lakers have a special relationship with the NBA, because their success is pivotal to the success of the league. Small town markets even sell more tickets and get better TV ratings when the Lakers come to play. Forbes Magazine recently valued the Lakers at $1.35 billion, making them one of the most lucrative enterprises in the city. However, the millions of fans in Laker nation make the team priceless to the rest of the league, because everyone benefits when the Lakers win.
The Value of L.A. Sports
While L.A. is definitely a basketball town, there are several other pro sports teams n the area. The Anaheim Angels are a professional baseball team with a net worth of more than $656 million and they compete for fans with the L.A. dodgers. L.A. legend Magic Johnson is part owner of the Dodgers who have a net worth of over $1.3 billion according to Forbes. There are also two professional hockey teams in the Los Angeles area, the L.A. Kings and the Anaheim Ducks. The Ducks have a net worth of $192 million and the Kings boast a value of over $276 million. L.A. is one of the most wealthy cities in the world and the nearly $6 billion sports industry is a major contributor to the city’s financial stability.