Despite five playoff-less years the Toronto Raptors are the NBA’s 18th most valuable franchise and worth $115 million more than they were this time last year, according to the annual list published by Forbes on Wednesday.
The list—which factors in revenue and operating profit—says the Raptors are currently valued at $520 million, up from $405 million in 2013, a 28 percent increase. The Raptors also boasts the league’s 12th highest operating income at $28.8 million. However, the team’s overall evaluation is still off the pace of the average franchise, now worth $634 million.
The New York Knicks and Los Angeles Lakers remain the NBA’s two most valuable teams, worth $1.4 and $1.35 billion, respectively. The Chicago Bulls, valued at $1 billion, give the league three billion-dollar franchises for the first time.