Knicks is most valuable NBA team for second straight year

Forbes announces its annual valuations of the National Basketball Association’s 30 teams, naming the New York Knicks as the most valuable team worth $1.4 billion.

Following a three-year renovation of its stadium Madison Square Garden, the Knicks increased 27% in value making the team No. 1 on the list for the second consecutive year.

The Los Angeles Lakers, valued at $1.35 billion and the Chicago Bulls valued at $1.0 billion are the only other two NBA teams with a current value of at least $1 billion. The average NBA team is now worth $634 million, 25% more than a year ago.

The top 10 most valuable teams in the NBA are (in $millions):

1. New York Knicks (1,400)
2. Los Angeles Lakers (1,350)
3. Chicago Bulls (1,000)
4. Boston Celtics (875)
5. Brooklyn Nets (780)
6. Houston Rockets (775)
7. Miami Heat (770)
8. Dallas Mavericks (765)
9. Golden State Warriors (750)
10. San Antonio Spurs (660)