Sports franchise valuations are guesses, with few data points for comparison. But prestige franchises like these can defy all calculations.

The Los Angeles Lakers will face the Knicks at Madison Square Garden on Tuesday, and from a prestige perspective, it’s the equivalent of Billy Joel and Elton John touring together.

On court, it’s a different story, since both teams are having underwhelming seasons. But wins and losses are unlikely to ever significantly matter when it comes to determining the worth of each franchise. They are consistently said to be among the highest-value franchises in the N.B.A., and have been for some time, regardless of how they’ve performed on the court. The Lakers, of course, have won six championships since 2000 and have had multiple generational talents to attract fans in that span, including Shaquille O’Neal, Kobe Bryant and LeBron James. The Knicks have had the opposite experience — rarely winning or putting star players on the court since their N.B.A. finals loss to the San Antonio Spurs in 1999.

Yet, earlier this year, Sportico, a sports business publication, estimated the Knicks and Lakers to be worth more than $5 billion each, two of only three teams, along with the Golden State Warriors, to be worth that much. Last month, Forbes had a similar take, putting the Knicks at $5.8 billion and the Lakers at $5.5. billion. (In 2000, Forbes said the Knicks were the most valuable franchise in the N.B.A. at $390 million. The Lakers were the runner-up at $360 million.)

Franchises have become more lucrative in recent decades as N.B.A. revenues have skyrocketed, and generally, the super rich (on paper) have become richer.

“This gets into the next greatest fool theory of team ownership,” said Rick Burton, a professor of sports management at Syracuse University. “It suggests that there will be a next greatest fool willing to pay that amount to get that franchise. And franchise values are essentially the most important job of the league commissioner, which is to drive up the asset appreciation of the franchise holders. "

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