Forbes: Knicks Top Lakers As Most Valuable NBA Franchise

January 23, 2013 7:27 PM

LOS ANGELES, CA – DECEMBER 25: Metta World Peace #15 of the Los Angeles Lakers pulls down a rebound against the New York Knicks at Staples Center on December 25, 2012 in Los Angeles, California. (Photo by Andrew D. Bernstein/NBAE via Getty Images)

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NEW YORK (AP) — The New York Knicks have surpassed the Los Angeles Lakers as the most valuable team in the NBA, according to Forbes’ annual study.

Boosted by renovations to Madison Square Garden, the Knicks’ value increased 41 percent to $1.1 billion. The Lakers were second at $1 billion.

The report released Wednesday estimated the average NBA team’s value at $509 million, a 30 percent increase from last year.

The Chicago Bulls, Boston Celtics and Dallas Mavericks round out the top five.

The Milwaukee Bucks were the least valuable at $312 million. The Nets’ value increased 48 percent to $530 million, ranking ninth, after their move from New Jersey to Brooklyn.