Knicks Oust Lakers as NBA’s Most Valuable Team, Forbes Says

The New York Knicks ousted the Los Angeles Lakers as the National Basketball Association’s most valuable franchise with their estimated worth rising 41 percent to $1.1 billion due mainly to a $980 million renovation of Madison Square Garden, according to Forbes.

The makeover of the arena, which probably will be completed this year, helped push the team’s revenue to a league-leading $243 million, Forbes said in its annual ranking of team values. New York’s operating income was the NBA’s highest for the third straight season, Forbes said, and the team won a playoff game for the first time since 2001.

The Lakers rank No. 2 with a value of $1 billion, up 11 percent from last year. The Knicks and Lakers, who start a new 20-year, $3.6 billion television contract with Time Warner Cable this season, are the first NBA teams worth $1 billion.

The average value of a team is $509 million, Forbes said, an increase of 30 percent over last year because of the league’s new collective bargaining agreement, more television revenue and new and renovated arenas.

The Nets’ jumped 48 percent in value to $530 million after the team’s relocation to Brooklyn from New Jersey, and now rank ninth out of the NBA’s 30 teams. Forbes said the Nets may climb higher as they add the National Hockey League’s Islanders as a tenant at the $1 billion Barclays Center, helping offset operating expenses at the arena.

Team                       Value        Profit/Loss
New York Knicks            $1.1b            $83m
Los Angeles Lakers         $1.0b            $48m
Chicago Bulls              $800m            $34m
Boston Celtics             $730m            $19m
Dallas Mavericks           $685m            $13m
Miami Heat                 $625m            $15m
Houston Rockets            $568m            $27m
Golden State Warriors      $555m            $29m
Brooklyn Nets              $530m           -$17m
San Antonio Spurs          $527m            $15m
Sacramento Kings           $525m            $2.6m
Oklahoma City Thunder      $475m            $30m
Phoenix Suns               $474m            $13m
Orlando Magic              $470m            $12m
Portland Trail Blazers     $457m           -$10m
Cleveland Cavaliers        $434m            $19m
Utah Jazz                  $432m            $12m
Los Angeles Clippers       $430m            $9.1m
Denver Nuggets             $427m            $12m
Philadelphia 76ers         $418m           -$0.8m
Toronto Raptors            $405m            $19m
Detroit Pistons            $400m            $7.7m
Washington Wizards         $397m            $1.7m
Indiana Pacers             $383m            $11m
Memphis Grizzlies          $377m           -$12m
Minnesota Timberwolves     $364m           -$4.5m
New Orleans Hornets        $340m            $3.3m
Atlanta Hawks              $316m           -$19m
Charlotte Bobcats          $315m           -$13m
Milwaukee Bucks            $312m           -$0.5m
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