NEW YORK -- 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 per cent to $1.1 billion. The Lakers were second at $1 billion.
The report released Wednesday estimated the average NBA team's value at $509 million, a 30 per cent increase from last year.
The Chicago Bulls, Boston Celtics and Dallas Mavericks round out the top five.
The Toronto Raptors ranked 21st on the list at $405 million
The Milwaukee Bucks were the least valuable at $312 million. The Nets' value increased 48 per cent to $530 million, ranking ninth, after their move from New Jersey to Brooklyn.