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

NEW YORK, NY - JANUARY 18: Carmelo Anthony #7 of the New York Knicks shakes hands with the fans after the game against the Philadelphia 76ers on January 18, 2016 at Madison Square Garden in New York City, New York. (Photo by Nathaniel S. Butler/NBAE via Getty Images)
AP

NEW YORK (AP) 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 percent 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.

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