Forbes: Knicks worth $3B, NBA revenues at record high

New York Knicks star Carmelo Anthony (Lynne Sladky/AP)

NEW YORK — 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 per cent 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 defending champion Golden State Warriors, who enter Wednesday’s NBA action with a league-leading 38-4 record, are sixth at $1.9 billion.

The Toronto Raptors are 14th at $980 million.

Forbes says the average NBA team is now worth $1.3 billion, a 13 per cent increase from 2015, and the $5.2 billion in revenue teams generated last season was a record for the league.