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.