AFPLOS ANGELES (AFP-Jiji) — The New York Knicks and Los Angeles Lakers still top the list of most valuable NBA clubs, according to a survey released Wednesday by Forbes — which for the first time said every franchise is worth $1 billion.
According to its latest annual assessment, the average value of an NBA club is $1.65 billion.
The Knicks remain atop that list, worth $3.6 billion and another iconic club, the Lakers, are worth an estimated $3.3 billion. The Knicks are profiting from a $1 billion renovation to Madison Square Garden, which provided new revenue opportunities from sponsorships and seating.
The Lakers, who like the Knicks have struggled in recent years, continue to benefit from raking in almost $150 million a year from their local TV and radio deals. The reigning champion Golden State Warriors passed the Chicago Bulls in this year’s list to lie third with a value of $3.1 billion to Chicago’s $2.6 billion.