Forbes: Knicks are NBA's highest valued team for third straight year
The New York Knicks are the NBA's highest valued team, according to an annual list complied by Forbes Magazine.
The Knicks are valued at $3.6 billion, and top the list for the third straight year despite missing the postseason in each of the last four seasons.
Forbes says that the team's value increased 9% from last year based on a $1 billion renovation to Madison Square Garden, allowing the team to capitalize on new revenue streams.
The Los Angeles Lakers ($3.3 billion) are second on the list, followed by the Golden State Warriors ($3.1 billion), Chicago Bulls ($2.6 million) and Boston Celtics ($2.5 million) rounding out the top five.
The Brooklyn Nets ($2.3 billion) are No. 6 on the list. The Houston Rockets ($2.2 billion), Los Angeles Clippers ($2.1 billion), Dallas Mavericks ($1.9 billion) and the Miami Heat ($1.7 million) finish the top 10.
The average NBA franchise is worth $1.5 billion, up a whopping 22% from 2017.
The Cleveland Cavaliers, which is 15th in value, are the only team that lost money, mostly due to a significant luxury tax bill. The Cavaliers are paying around $137 million in contracts this season against a $99 million league salary cap.
The New Orleans Pelicans are last on the list with a value of $1 billion.