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Why are the Knicks and Lakers valued so highly?

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.