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.READ MORE: The Detroit Zoo To Host Its Final Weekend Of Family-Friendly Halloween Event 'Zoo Boo' Oct. 22-24
The Lakers have a value of $2.7 billion. The Chicago Bulls, Boston Celtics and Los Angeles Clippers rounded out the top five.
The Detroit Pistons come in at 22nd on the list at $850 million.READ MORE: Tillson Street's Halloween Displays Draws Thousands
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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.MORE NEWS: Kalamazoo Tests For Lead Exposure Following High-Lead Level Reports In Other Michigan Cities
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