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Knicks

Forbes: Knicks Surpass Lakers As Most Valuable Team In NBA; Nets Rank Ninth

Madison Square Garden (Photo by Bruce Bennett/Getty Images)

Madison Square Garden (Photo by Bruce Bennett/Getty Images)

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NEW YORK (CBSNewYork/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 on 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.

The Knicks surpassed L.A. as the most valuable franchise in the league in 2011, when New York’s value rose 12 percent from $586 million to $655 million. The Lakers regained the top spot in 2012.

Do you take pride in this, Knicks fans, or could you care less? Sound off with your thoughts and comments in the section below…

(TM and © Copyright 2013 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2013 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)