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NBA 2025 The annual reporTon The mosTvaluable &sTrongesTnbabrands AboutBrand Finance Bridging the gap betweenMarketing and Finance Brand Finance was set up in 1996 with theaim of 'bridging the gap between marketingand finance'. For more than 25 years, wehave helped companies and organisationsof all types to connect their brands to thebottom line. Quantifying thefinancial value of brands We put thousands of the world’s biggestbrands to the test every year. Rankingbrands across all sectors and countries,we publish over 100 reports annually. Unique combinationof expertise The world'sleading brandvaluationconsultancy Our teams have experienceacross a wide range of disciplinesfrom marketing and market research,to brand strategy and visual identity,to tax and accounting. Priding ourselveson technical credibility Brand Finance, a chartered accountancyfirm regulated by the Institute of CharteredAccountants in England and Wales, is thefirst brand valuation consultancy to join theInternational Valuation Standards Council.Our experts crafted standards (ISO 10668and ISO 20671) and our methodology,certified by Austrian Standards, is officiallyapproved by the Marketing AccountabilityStandards Board. For business enquiries, please contact:enquiries@brandfinance.com For media enquiries, please contact:press@brandfinance.com +44 207 389 9400www.brandfinance.com Contents Foreword5Laurence Newell, Managing Director, Brand Finance Americas Sector Overview Valuation Analysis8Most Valuable NBA Team Brands 20259Most Valuable Brand:Golden State Warriors11Brand to Watch:Detroit Pistons12 Brand Strength Analysis13 Insights Bridging the gap between perception and17engagement in American sports leaguesAnnabella Garnham, Senior Analyst, Brand Finance NBA research insights21Scott Moore, Manager, Sports Services, Brand Finance How NoLo alternatives are changing the gamein sports marketingHenry Farr, Valuation Director, Brand Finance 24 Enterprise Valuation26 Brand Equity Research29 Methodology33 Sport Services43 © 2025 All rights reserved. Brand Finance Plc. The Golden StateWarriors remain theNBA’s most valuablebrand, even as thedynasty era fades +TheGolden State Warriorsremain the NBA’smost valuable brand at $1.2 billion despite an18% brand value decline +TheLos Angeles Lakershold second placeat $973 million, down 9% after back-to-backfirst-round playoff exits +TheNew York Knicksclimb into third withbrand value up 12% to $720 million, boostedby a run to the Eastern Conference Finals andstrong brand perceptions +TheChicago Bullsrise three places to fourth,with brand value up 36% to $616 million, makingthem the fastest-growing NBA brand this year +The Lakers, Bulls, andCelticsare the NBA’s topthree strongest brands +Total brand value of all 30 NBA teams falls 6%to $10.6 billion Foreword What is the purpose of a strong brand: to attract customers, to build loyalty,to motivate staff? All true, but for a commercial brand at least, the first answermust always be ‘to make money’. Huge investments are made in the design, launch, and ongoing promotion ofbrands. Given their potential financial value, this makes sense. Unfortunately, mostorganizations fail to go beyond that, missing huge opportunities to effectively makeuse of what are often their most important assets. Monitoring of brand performanceshould be the next step, but is often sporadic. Where it does take place, it frequentlylacks financial rigor and is heavily reliant on qualitative measures, poorly understoodby non-marketers. Laurence NewellManaging Director,Brand Finance Americas As a result, marketing teams struggle to communicate the value of their work andboards then underestimate the significance of their brands to the business. Skepticalfinance teams, unconvinced by what they perceive as marketing mumbo jumbo,may fail to agree necessary investments. What marketing spend there is, can endup poorly directed as marketers are left to operate with insufficient financial guidanceor accountability. The end result can be a slow but steady downward spiral of poorcommunication, wasted resources, and a negative impact on the bottom line. Brand Finance bridges the gap between marketing and finance. Our teams haveexperience across a wide range of disciplines from market research and visualidentity, to tax and accounting. We understand the importance of design, advertising,and marketing, but we also believe that the ultimate and overriding purpose ofbrands is to make money. That is why we connect brands to the bottom line. By valuing brands, we provide a mutually intelligible language for marketing andfinance teams. Marketers then have the ability to communicate the significance ofwhat they do, and boards can use the information to chart a course that maximizesprofits. Without knowing the precise, financial value of an asset, how can you know ifyou are maximizing your returns? If you are intending to license a brand, how can youknow you are getting a