In April 2012 the New Orleans Pelicans (then-Hornets) were purchased by Tom Benson from the NBA for a reported $338 million. The next month lottery luck smiled on the Crescent City. Anthony Davis was the next big thing in the league and headed to New Orleans with the first overall pick in the 2012 draft. A massive new television deal for the NBA has dramatically increased the value of franchises around the league.
Forbes estimates the Pelicans at $650 million, which is both good and bad.