So much for the Toronto Raptors being a so-called "small-market team." According to Peter J. Schwartz of Sportico, the Raptors are worth approximately $2.55 billion USD, the 10th most in the NBA.
"That is a 59% greater valuation than their entire parent company, which also includes the NHL’s Maple Leafs, Scotiabank Arena and a real estate joint venture, was worth in 2012, when its former majority investor, the Ontario Teachers’ Pension Plan, sold its stake," Schwartz wrote.
The Raptors' boom has come thanks to the team's skyrocketing ratings over the past decade. For years the Raptors were an afterthought in the Toronto market, but that all changed in the summer of 2014 when DeMar DeRozan and Kyle Lowry led the Raptors into the We The North era and their first playoff berth since 2008. Since then, Toronto has made seven straight years, reaching the pinnacle of their success in 2019 when Kawhi Leonard led the Raptors to an NBA Championship
"When Toronto won the NBA championship two seasons ago, 7.7 million Canadians tuned into the final game," Schwartz wrote. "For some perspective, consider that in the United States, with nearly nine times the population, each of the first four games of last October’s Finals between the Lakers and Miami Heat drew fewer than 7.6 million viewers, according to Nielsen."
Alongside the Raptors, the rest of the top 10 includes the New York Knicks ($5.42B), Golden State Warriors ($5.21B), Los Angeles Lakers ($5.14B), Brooklyn Nets ($3.40B), Boston Celtics ($3.18B), Chicago Bulls ($3.14B), Houston Rockets ($2.77B), Los Angeles Clippers ($2.63B), and Dallas Mavericks ($2.58B), according to Sportico.