Screen Shot 2013-04-18 at 10.09.42 AM

Forbes’ 2015 NBA franchise evaluations have been released, and the Sixers’ value has grown as their standing in the league has dropped. Last year, the franchise was worth an estimated $469 million, then good enough for 23rd in the league. This time around, they landed in the 27th spot, but their value jumped up to $700 million. Joshua Harris and his well-suited friends bought the team for $287 million in 2011. The team’s revenue was $125 million with an operating income (profit) of $24 million.

The Sixers still sit well-below the average franchise worth of $1.1 billion, which is a huge jump from last year. Forbes‘ Kurt Badenhausen explains:

What do you get when you combine a massive new $24 billion television contract, a nearly six-year bull market in equities creating tremendous wealth, and cheap credit? You get a massive rise in sports franchise values, with the NBA serving as ground zero for the current boom. The average NBA team is now worth $1.1 billion, 74% more than last year. It is the biggest one-year gain since Forbes began valuing teams in the four major U.S. sports leagues in 1998.

The team grows in value as the league grows in value, but some other franchises are growing faster and passing the Sixers. That’s expected. But we’re betting Harris and his other $3,000-suited friends are patting themselves on the back today.