Mag: Knicks have wasted a lot of money

If you're Knicks owner James Dolan -- or if you have spent a significant amount of money supporting the Knicks over the past five years -- you may want to stop reading here.

Because according to a formula devised by Bloomberg Businessweek magazine, the Knicks have wasted a lot of money over the last five years.

A story in the upcoming issue of the magazine ranks the Knicks 116th out of 122 professional sports teams in its list of the "smartest spenders" in pro sports.

If you're familiar with the contracts handed out to the likes of Eddy Curry, Jerome James or Stephon Marbury (whose deal the Knicks assumed in a trade), or those signed by Larry Brown and Isiah Thomas, this should come as no surprise.

The magazine's rankings are based on a formula that measures the money spent by an organization over the last five years against the team's victories over the same time frame.

The formula gives added weight to a team's wins over the .500 mark, its playoff wins and championships.

The Knicks, according to the magazine, have spent an average of $87 million per season over the last five years; they've won an average of 32.4 games over that span.

New York, for what it's worth, finished one spot below the Brooklyn Nets in the magazine's rankings. (Somewhere, Mikhail Prokhorov is celebrating.)

The magazine ranked MLB's Tampa Bay Rays as the "smartest spenders" in pro sports. The Yankees ranked 98th out of 122 franchises; the Mets ranked 120th. The Giants were ninth and the Jets were 54th. The Rangers were 45th, the Devils were 14th and the Islanders 119th.

For more on the rankings in this week's issue of Bloomberg Businessweek, which hits newsstands Friday, click here.

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