New York Knicks back on top as Forbes’ most valuable NBA team

The New York Knicks reclaimed their distinction as the NBA's most valuable team, worth $3 billion, according to a Forbes poll released on Wednesday that showed the average team value rose 13 percent from last year.

The average NBA team's value rose to $1.25 billion from $1.1 billion last year, a jump Forbes said was driven primarily by media and sponsorship deals that are typically being renewed at double or even quadruple the previous amounts.

The Knicks' value rose 20 percent from last year given a new cable deal and having the highest premium-seating revenue in the NBA while the Lakers, who topped the list last year, were second with a value of $2.7 billion, up 4 percent from last year.

The Chicago Bulls ($2.3 billion), Boston Celtics ($2.1 billion) and Los Angeles Clippers ($2 billion) rounded out the top five.

The reigning NBA champion Golden State Warriors were ranked sixth out of the league's 30 teams with a 46 percent jump in value to $1.9 billion due largely to a new arena scheduled to open for the 2018-19 National Basketball Association season.