NEW YORK (CBSNewYork/AP) — The New York Knicks are worth $3 billion, highest in the NBA, according to Forbes.

Forbes said Wednesday in its annual ranking of franchise valuations that the Knicks regained the top spot from the Los Angeles Lakers thanks to a 20 percent value increase from 2015. It says the increase was driven by a new cable deal and the highest premium-seating revenue in the league.

The Lakers have a value of $2.7 billion. The Chicago Bulls, Boston Celtics and Los Angeles Clippers rounded out the top five.

The Golden State Warriors, the reigning NBA champions, came in sixth with a valuation of $1.9 billion, followed by the Brooklyn Nets at $1.7 billion.

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.

(TM and © Copyright 2016 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2016 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 This material may not be published, broadcast, rewritten, or redistributed.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.)

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