According to Forbes.com, the Knicks are the league's most valuable team, worth $1.1 billion, reclaiming the crown from the Los Angeles Lakers, who topped last year's list.
The franchise's value rose 41%, due to a $980 million renovation of Madison Square Garden that is expected to be completed this summer. The makeover resulted in an NBA-leading $243 million in revenue last season. Their operating income of $83 million leads all teams for a third straight year. One more factor is their better play. In 2012, the Knicks won a playoff game for the first time since 2001.
The Lakers dropped to #2 this year, worth $1 billion, which is up 11% from last year. The Lakers and Knicks are the first NBA teams with a valuation of 10-figures. Despite their disappointing record, the Lakers' revenue is expected to surge this season with the start of their new 20-year, $3.6 billion television deal with Time Warner Cable .
The Chicago Bulls land at #3 with $800 million, the Boston Celtics were #4 with $730 million, and the Dallas Mavericks round out the top five with $685 million.
The Milwaukee Bucks were the least valuable at $312 million, while the Brooklyn Nets ranked at #9 with a 48% increase.
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