The New York Knicks remained the NBA’s most valuable team, worth over $1-billion, according to a Forbes poll on Wednesday that showed the average team value rose 25 per cent from last year.
The average NBA team’s value rose to $634-million, a jump Forbes said was driven by cost controls from the collective bargaining agreement and the much-anticipated next round of television contracts.
The Knicks were valued at $1.4-billion, a 27 per cent rise from last year, due to a renovation to their home arena and qualifying for last season’s playoffs.
The Los Angeles Lakers, who topped the list two years ago, remained second with a value of $1.35-billion, up 35 per cent from last year.
Rounding out the top five were the Chicago Bulls ($1-billion), Boston Celtics ($875-million) and Brooklyn Nets ($780-million).
The reigning NBA champion Miami Heat were ranked seventh out of the league’s 30 teams with a 23 per cent jump in value to $770-million.