New York Knicks Worth $3 Billion

A photo posted by hoopedup (@hoopedup) on

The New York Knicks are worth $3 billion, highest in the NBA, according to Forbes.

Thanks to a 20 percent value increase, the Knicks leapfrogged the Los Angeles Lakers now valued at $2.7 billion, to regain the top spot on the annual ranking of franchise valuations list. A new cable deal and the highest premium-seating revenue in the league was key in driving the increased valuation up.

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.”

The Chicago Bulls, Boston Celtics and Los Angeles Clippers rounded out the top five.