New York Knicks valued at $3 billion

New York Knicks are most valuable team in the NBA

The New York Knicks are worth a reported $3 billion, according to Forbes. If that number is true, it would make the team the most valuable franchise in the NBA.

Forbes on Wednesday released its annual ranking of franchise valuations, claiming that the Knicks regained the top spot from the Los Angeles Lakers thanks to a 20% value increase from 2015.

Forbes says the franchise gained its new wealth thanks to a new cable deal and the ability to charge for 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.

The average NBA team is now worth $1.3 billion, a 13% increase from 2015.

Last season the NBA generated $5.2 billion in team revenue, a new record for the league.