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      Kyrie Irving and Klay Thompson's N.B.A. Returns Prompt Divergent Questions

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      Thompson’s comeback restores the Warriors’ backcourt, one of the most symbiotic connections in sports. Irving’s return raises concerns about the Nets’ lineup disruptions.It is a tale of two returns.Kyrie Irving is back with the Nets — well, on a part-time basis at least — after spending the season sidelined for reasons of his own making: the stubborn refusal of a Covid-19 vaccination.Klay Thompson will soon suit up for the Golden State Warriors after 30 months in which unlikely injuries pried him away from basketball. Thirty months, two and a half seasons, of hard and sometimes heartbreaking rehab.Thompson’s comeback brings us the opportunity to marvel again at one of the most symbiotic connections in sports. From 2012 until his initial injury in 2019, Thompson and Stephen Curry, his close friend and backcourt mate, offered steady lessons in combined greatness: ballet-like cutting and passing, orbital jumpers from every angle — all of it performed in remarkable tandem.We finally get to see Klay and Steph, Part II.Thompson’s return does bring about questions, but they are as simple and straightforward as his pull-up 3-pointers. Will he return to the All-Star form that helped lead Golden State to three N.B.A. titles? And if so, how long will it take?Stephen Curry, left, has kept the Warriors atop the standings, but nothing will feel quite right until Thompson is back in the mix.Jeff Chiu/Associated PressIrving’s comeback is another matter altogether. His return is a gamble. First, it sends a dubious message about personal responsibility during a public crisis. It also leaves the Nets in a muddle. The team is close to realizing its significant dreams, even as it now operates under the shadow of Irving’s most recent act: Here one game, gone the next.Few in basketball have ever been as elusive as Irving is when he winds through opposing teams and slices down the court — a fact underscored by Irving’s return to the Nets on Wednesday, when he scored 22 points and helped lead the team back from a 19-point deficit to defeat the Indiana Pacers, 129-121.Irving is just as hard to pin down off the hardwood. There may not be an N.B.A. point guard as fine at getting his teammates involved with pinpoint passing. But he also has a reputation for a history of being an erratic personality who can just as easily implode teams. (See: Boston Celtics; Cleveland Cavaliers.)Irving’s belief that the earth is flat? That was once a funny sideshow that he couldn’t quite explain in any manner that made sense.His refusal to be vaccinated during a pandemic that has killed at least 5 million worldwide and more than 830,000 Americans, with many of the hardest-hit communities being the Black and Brown neighborhoods that Irving takes pride in helping? That’s a perplexing travesty.What a difference three months makes in this troubled world. In October, Nets officials were adamant they would not allow Irving on their team so long as he refused to abide by New York City mandates requiring workers at venues as large as the Barclays Center and Madison Square Garden to inoculate against the virus.Why bother if Irving could play only when the team was on the road?“Each member of our organization must pull in the same direction,” General Manager Sean Marks said.Of course, the Nets waffled. Like almost every team in the N.B.A., they’ve been trotting out patchwork lineups filled with minor-league replacements because Covid-19 protocols have sidelined so many regulars. Never mind that by this week, every player kept from the team because of positive coronavirus tests had returned — the Nets had cover to reverse course on Irving.Brooklyn made a business decision, altering its stated principles, even as New York City finds itself swamped by another surge fueled by another coronavirus variant in this plague. Irving is back, adding to the bottom line that really matters in sports: winning and the heady financial rewards that come with it.The Nets, already gifted with Kevin Durant and James Harden, are chasing a championship and Irving’s return brings with him not questions of wonder and potential, but of logistics.With Irving, left, James Harden, and Kevin Durant, the Brooklyn Nets’ big three has the talent to win a championship.Darron Cummings/Associated PressDoes Kyrie Irving give the Nets the best chance to win a championship if he can’t play at home, in Manhattan against the crosstown Knicks or in Toronto versus the rival Raptors because vaccination is a requisite for entering Canada?The Coronavirus Pandemic: Key Things to KnowCard 1 of 6The global surge. More

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      Win Or Lose, the Knicks and Lakers Are Worth Billions

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      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.”Or as Mark Cuban, the owner of the Dallas Mavericks, put it in an email: “When buyers have cash and are liquid, and business for the league involved is good, prices go up and vice versa.”But what does it mean when the Knicks and Lakers are said to be worth more than $5 billion? Here’s a look behind the curtain. (Representatives for the two franchises did not respond to requests for comment.)What is a valuation, exactly?In the most basic terms: It is an estimate of how much a team would sell for if it was on the market. But it is nothing more than an educated guess.“At the end of the day, we’re estimating what a private enterprise is worth,” said Kurt Badenhausen, a sports valuations reporter at Sportico. “No different than estimating what the value of your house is worth.”LeBron James is among the big-name stars who have kept the Lakers in championship contention over the past 20 years.Ronald Martinez/Getty ImagesHow are the valuations derived?Much like house valuations on online real estate sites, they are based on several factors, including location, who owns the arena the team plays in, and the team’s local television deals. James L. Dolan, the owner of the Knicks, also owns Madison Square Garden, whereas the Lakers lease the space at Staples Center, which will become known as Crypto.com Arena on Christmas Day.“If you have two teams, let’s say one owns the building and the other leases it, what I’m valuing is the economics,” said Mike Ozanian, a managing editor at Forbes who compiles its valuations. “In other words, what are the revenues that the team generates at the building versus its expenses?”Assets related to the team don’t necessarily factor in, at least not completely. In the case of the Knicks, while Dolan owns MSG Networks, the regional cable channel that broadcasts games for the Knicks and several other New York-area sports teams, that doesn’t figure into the valuation of the team. However, the revenue generated from the network does.Valuators review public information on team finances, consult bankers involved in similar transactions, and consider previous sales and the scarcity of the product.The franchise worth changes, Cuban said, based purely on “supply and demand against cost and availability of money versus expected cash flows, if any, and expected appreciation.”What are the limitations?In 2014, Forbes valued the Los Angeles Clippers at $575 million. Later that year, Steve Ballmer purchased the team for more than $2 billion. Much like when buying a house, sometimes it’s difficult to account for just how eager a given buyer will be.“We do it with the best information we have based on a team’s finances, their arena situation and the market that they’re in,” Badenhausen said. “But sports teams don’t get bought and sold like traditional businesses, because there is there is an intangible factor in there because while there’s thousands of businesses you can buy, there’s only 30 N.B.A. teams that you can buy.”Given the rarity of team sales, there aren’t many data points for comparison.As Ozanian put it: “You could have precise information on a team and at the same time not come close to what the team sells for.”Sometimes, the accuracy of a number can be affected by how much information a team is willing to provide.“It’s possible there are times where, because one team speaks more than another, that the revenue and operating income numbers could be slightly more accurate for one than another,” Ozanian said. “But in terms of the valuations, the enterprise values, I don’t think that plays a role because the people that I speak to to get my valuations are very much in know, as to the revenues and expenses and therefore very knowledgeable on the valuation.”James L. Dolan, owns the Knicks, has said he does not plan to sell the team, even when fans have pleaded for him to do so.Mike Segar/ReutersJeanie Buss, the majority owner of the Lakers. The team has been owned by her family since 1979.Tracy Nguyen for The New York TimesWhy are the Knicks and Lakers valued so highly?Both franchises generate hundreds of millions of dollars from their local television deals and arenas, which drive revenue through merchandising, sponsorships and ticket sales, though some of that is distributed to other teams through the league’s revenue sharing system. And location matters, too.In fact, it might be the most important thing.“They are also located in markets that have tremendous wealth,” Badenhausen said. “So that if they were ever to come up for sale, you would have multiple bidders at multibillion dollar valuations. And the sky is the limit in terms of what somebody would be willing to pay for both these franchises.”There’s also the intangible.“You have one shot to buy the New York Knicks,” Badenhausen said. “You have one shot to buy the Los Angeles Lakers Lakers. They just don’t come up for sale, right?”The Knicks’ renovation of Madison Square Garden a decade ago also was a big boost.“It’s one of the oldest buildings in the N.B.A.,” Badenhausen said. “But the renovation turned it into a modern-day cash register.”Why doesn’t it really matter if the Lakers and Knicks win?Badenhausen argued that even while the Knicks’ value has skyrocketed independent of their play, the years of poor performance have lowered the ceiling.“The big market teams are definitely more immune to what happens on the court than small market teams,” Badenhausen said. “But you could make a case that the Knicks would definitely be worth more if they were running out a playoff team every year that was challenging for N.B.A. titles. That 100 percent boosts teams’ finances, allows them to charge more for tickets, sponsorships and suites and all of those things. And so your revenue goes up and that helps drive valuations high.”But the team is still flush, Ozanian said, which is ultimately the biggest arbiter. Television deals are often long-term, and are locked in whether the team is good or bad. Both teams draw well in audience and sponsorships.“Potential buyers are not looking at the past,” Ozanian said. “They’re generally looking at the future, and the amount of incremental revenue that comes in from having a good team versus a not-so-good team generally isn’t that much more.” More

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      NBA Vaccine Skeptics Speak Out

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      More than 90 percent of players have received at least one dose of the vaccine, but some, like Nets guard Kyrie Irving, won’t say if they have been or plan to be vaccinated.More than 90 percent of N.B.A. players have been vaccinated against Covid-19, according to the league, and all referees and key team personnel without exemptions will be, too, by the season’s start in three weeks. But a few high-profile players, including the Nets star guard Kyrie Irving, have expressed skepticism about vaccines or been evasive about their vaccination status.Because the Nets are projected to be a top championship contender, and the team is one of just three whose players must be vaccinated to play in their home arenas, Irving’s vaccination status could be as much of a factor in the N.B.A. rankings as his team’s play.“I would like to keep all that private,” Irving told reporters on Monday in response to a question about whether he expected to play home games this season. “Please just respect my privacy. All the questions leading into what’s happening, just please. Everything will be released at a due date once we get this cleared up.”While the Nets held their media day at Barclays Center on Monday, Irving answered questions from reporters by video conference instead of in person. Multiple reports said that Irving was not present because of the league’s health protocols. In Rolling Stone magazine over the weekend, Irving’s aunt Tyki Irving was quoted as saying that Irving was unvaccinated for reasons “not religious-based, it’s moral-based.” It’s not clear when the interview took place.Since Sept. 13, Barclays Center and Madison Square Garden, where the Knicks play, have required all employees and guests ages 12 and up without a religious or medical exemption to show proof of having received at least one vaccine dose, to comply with a mandate from Mayor Bill de Blasio regarding sports arenas.A similar requirement in San Francisco applies to Chase Center, where the Golden State Warriors play. These mandates mean that the players from the Knicks, Nets and Golden State cannot play in their teams’ 41 home games without being vaccinated, which the N.B.A. and the New York arenas are defining as having received at least one dose. At Chase Center, players must be fully vaccinated. The N.B.A. has said that teams do not have to pay players for missing those games because they are not vaccinated. For Irving, who is in the third year of a four-year, $136 million contract, that could mean a substantial loss.The N.B.A. players’ union has not agreed to a vaccine mandate for its members, but the referees’ union did agree to one. All league and team personnel who come within 15 feet of players must be fully vaccinated unless they have religious or medical exemptions. In the W.N.B.A., 99 percent of players were fully vaccinated by June. The women’s league does not have a vaccination mandate.At least one N.B.A. player has tried to obtain a religious exemption to forgo the vaccine: Golden State guard Andrew Wiggins. The league said Friday that it had rejected his request. Like Irving, Wiggins would not discuss his vaccination status on Monday, during Golden State’s media day.“Who are you guys where I have to explain what I believe?” Wiggins said. “Or what’s right or what’s wrong in my mind?”In Washington at the Wizards’ media day, however, guard Bradley Beal explained why he is unvaccinated. The three-time All-Star missed the Tokyo Olympics after testing positive for the coronavirus. Beal told reporters of the experience: “I didn’t get sick at all. I lost my smell, but that was it for me. Everybody is going to react differently.“Some people have bad reactions to the vaccine. Nobody likes to talk about that. What happens if one of our players gets the vaccine and can’t play after that? Or they have complications after that? Because there are cases like that.”There are no publicly known cases of professional basketball players missing time because of side effects related to the vaccine, and severe side effects are rare for anyone. However, some athletes have spoken about lingering respiratory and muscle issues after having Covid-19. The N.B.A. and the players’ union reported more than 75 positive coronavirus tests among players during the 2020-21 season, most of them before vaccines were widely available.Another vocal vaccine skeptic is the Orlando Magic’s Jonathan Isaac, a 23-year-old forward, who told Rolling Stone he was unvaccinated, and confirmed it on Monday to reporters.“At the end of the day, it’s people,” Isaac told the magazine, referring to the scientists who developed the vaccines. “And you can’t always put your trust completely in people.”.css-1xzcza9{list-style-type:disc;padding-inline-start:1em;}.css-3btd0c{font-family:nyt-franklin,helvetica,arial,sans-serif;font-size:1rem;line-height:1.375rem;color:#333;margin-bottom:0.78125rem;}@media (min-width:740px){.css-3btd0c{font-size:1.0625rem;line-height:1.5rem;margin-bottom:0.9375rem;}}.css-3btd0c strong{font-weight:600;}.css-3btd0c em{font-style:italic;}.css-1kpebx{margin:0 auto;font-family:nyt-franklin,helvetica,arial,sans-serif;font-weight:700;font-size:1.125rem;line-height:1.3125rem;color:#121212;}#NYT_BELOW_MAIN_CONTENT_REGION .css-1kpebx{font-family:nyt-cheltenham,georgia,’times new roman’,times,serif;font-weight:700;font-size:1.375rem;line-height:1.625rem;}@media (min-width:740px){#NYT_BELOW_MAIN_CONTENT_REGION .css-1kpebx{font-size:1.6875rem;line-height:1.875rem;}}@media (min-width:740px){.css-1kpebx{font-size:1.25rem;line-height:1.4375rem;}}.css-1gtxqqv{margin-bottom:0;}.css-16ed7iq{width:100%;display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;-webkit-box-pack:center;-webkit-justify-content:center;-ms-flex-pack:center;justify-content:center;padding:10px 0;background-color:white;}.css-pmm6ed{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;}.css-pmm6ed > :not(:first-child){margin-left:5px;}.css-5gimkt{font-family:nyt-franklin,helvetica,arial,sans-serif;font-size:0.8125rem;font-weight:700;-webkit-letter-spacing:0.03em;-moz-letter-spacing:0.03em;-ms-letter-spacing:0.03em;letter-spacing:0.03em;text-transform:uppercase;color:#333;}.css-5gimkt:after{content:’Collapse’;}.css-rdoyk0{-webkit-transition:all 0.5s ease;transition:all 0.5s ease;-webkit-transform:rotate(180deg);-ms-transform:rotate(180deg);transform:rotate(180deg);}.css-eb027h{max-height:5000px;-webkit-transition:max-height 0.5s ease;transition:max-height 0.5s ease;}.css-6mllg9{-webkit-transition:all 0.5s ease;transition:all 0.5s ease;position:relative;opacity:0;}.css-6mllg9:before{content:”;background-image:linear-gradient(180deg,transparent,#ffffff);background-image:-webkit-linear-gradient(270deg,rgba(255,255,255,0),#ffffff);height:80px;width:100%;position:absolute;bottom:0px;pointer-events:none;}.css-19zsuqr{display:block;margin-bottom:0.9375rem;}.css-12vbvwq{background-color:white;border:1px solid #e2e2e2;width:calc(100% – 40px);max-width:600px;margin:1.5rem auto 1.9rem;padding:15px;box-sizing:border-box;}@media (min-width:740px){.css-12vbvwq{padding:20px;width:100%;}}.css-12vbvwq:focus{outline:1px solid #e2e2e2;}#NYT_BELOW_MAIN_CONTENT_REGION .css-12vbvwq{border:none;padding:10px 0 0;border-top:2px solid #121212;}.css-12vbvwq[data-truncated] .css-rdoyk0{-webkit-transform:rotate(0deg);-ms-transform:rotate(0deg);transform:rotate(0deg);}.css-12vbvwq[data-truncated] .css-eb027h{max-height:300px;overflow:hidden;-webkit-transition:none;transition:none;}.css-12vbvwq[data-truncated] .css-5gimkt:after{content:’See more’;}.css-12vbvwq[data-truncated] .css-6mllg9{opacity:1;}.css-qjk116{margin:0 auto;overflow:hidden;}.css-qjk116 strong{font-weight:700;}.css-qjk116 em{font-style:italic;}.css-qjk116 a{color:#326891;-webkit-text-decoration:underline;text-decoration:underline;text-underline-offset:1px;-webkit-text-decoration-thickness:1px;text-decoration-thickness:1px;-webkit-text-decoration-color:#326891;text-decoration-color:#326891;}.css-qjk116 a:visited{color:#326891;-webkit-text-decoration-color:#326891;text-decoration-color:#326891;}.css-qjk116 a:hover{-webkit-text-decoration:none;text-decoration:none;}According to Rolling Stone, Isaac was “studying Black history and watching Donald Trump’s press conferences” to inform his vaccine stance. (Former President Donald J. Trump was vaccinated in January, but states that he won in the 2020 election have much lower vaccination rates than those that favored President Biden.)On Monday, Isaac disputed the magazine’s characterization of him.“I’m not anti-vax. I’m not anti-medicine. I’m not anti-science. I didn’t come to my current vaccination status by studying Black history or watching Donald Trump press conferences,” Isaac said. “I have nothing but the utmost respect for every health care worker and person in Orlando and all across the world that have worked tirelessly to keep us safe.”Phoenix Suns guard Devin Booker, who helped lead his team to the finals last season, announced on a Twitch livestream over the weekend that he had Covid-19 and had lost his senses of taste and smell. He is expected to miss at least part of training camp, which begins this week, as a result.“I’m not going to tell you guys if I have the vaccine or not, but you can still get Covid with the vaccine,” Booker said on the stream, adding, “Educate yourself.”Several players have participated in campaigns encouraging people to get vaccinated, including Jrue Holiday of the Milwaukee Bucks and Karl-Anthony Towns of the Minnesota Timberwolves, whose mother died of Covid-19. Commissioner Adam Silver said in the spring that he expected most players to get vaccinated.Several of Irving’s teammates said on Monday that they were not worried about his vaccination status.“That’s on Kyrie, and that’s his personal decision,” Nets forward Kevin Durant said. “What he does is not on us to speculate what may be happening, but we trust in Kyrie. I expect us to have our whole team at some point.” More