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.READ MORE: San Bernardino County Cracking Down On Sale, Use Of Illegal Fireworks With New Reporting Tool
The report released Wednesday estimated the average NBA team’s value at $509 million, a 30 percent increase from last year.READ MORE: NBC Will Not Air 2022 Golden Globes Amid Hollywood Foreign Press Association Controversy
The Chicago Bulls, Boston Celtics and Dallas Mavericks round out the top five.MORE NEWS: Game On: LAUSD Says Venice High Baseball Team Can Play On Renovated Field
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.