(Reuters) - The New York Knicks remained the NBA’s most valuable team, worth over $1 billion, according to a Forbes poll on Wednesday that showed the average team value rose 25 percent from last year.
The average NBA team’s value rose to $634 million, a jump Forbes said was driven by cost controls from the collective bargaining agreement and the much-anticipated next round of television contracts.
The Knicks were valued at $1.4 billion, a 27 percent rise from last year, due to a renovation to their home arena and qualifying for last season’s playoffs.
The Los Angeles Lakers, who topped the list two years ago, remained second with a value of $1.35 billion, up 35 percent from last year.
Rounding out the top five were the Chicago Bulls ($1 billion), Boston Celtics ($875 million) and Brooklyn Nets ($780 million).
The reigning NBA champion Miami Heat were ranked seventh out of the league’s 30 teams with a 23 percent jump in value to $770 million.
Reporting by Frank Pingue in Toronto; Editing by Mark Lamport-Stokes