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Forbes: Knicks most valuable NBA team

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NEW YORK (AP) - The New York Knicks have surpassed the Los Angeles Lakers as the most valuable team in the NBA, according to Forbes' annual study.

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Boosted by renovations to Madison Square Garden, the Knicks' value increased 41 percent 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 percent increase from last year.

The Chicago Bulls, Boston Celtics and Dallas Mavericks round out the top five.

The Milwaukee Bucks were the least valuable at $312 million. The Nets' value increased 48 percent to $530 million, ranking ninth, after their move from New Jersey to Brooklyn.

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Online: www.forbes.com/nba

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