NEW YORK – The New York Knicks are worth $3 billion, highest in the NBA, according to Forbes.
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Forbes said Wednesday in its annual ranking of franchise valuations that the Knicks regained the top spot from the Los Angeles Lakers thanks to a 20 percent value increase from 2015. It says the increase was driven by a new cable deal and the highest premium-seating revenue in the league.
The Lakers have a value of $2.7 billion. The Chicago Bulls, Boston Celtics and Los Angeles Clippers rounded out the top five.
Forbes says the average NBA team is now worth $1.3 billion, a 13 percent increase from 2015, and the $5.2 billion in revenue teams generated last season was a record for the league.