NEW YORK (CBSNewYork) — Who said the Knicks are worthless?

Forbes on Wednesday released its annual ranking of franchise valuations. The Knicks, worth an estimated $3.3 billion, are No. 1 for the second year in a row.

The Knicks’ value is up 10 percent from last year, and the team turned an NBA-recording operating profit of $141 million last season, according to Forbes.

Despite not qualifying for the playoffs since 2013 and trudging through another brutal season, the Knicks have benefited from the Madison Square Garden renovations, which have created extra revenue from sponsorships and seating, and from a new cable deal with MSG Networks, the magazine said.

The Los Angeles Lakers ($3 billion) are second, the Golden State Warriors ($2.6 billion) are third, the Chicago Bulls ($2.5 billion) are fourth, and the Boston Celtics ($2.2 billion) are fifth.

Valued at $1.8 billion, the Nets are seventh place, the same ranking as last year.