SPORTS

NBA franchise values: Knicks No. 1, Raptors 14th on Forbes list

The Associated Press Published Wednesday, January 20, 2016 1:02PM EST

Toronto Raptors forward James Johnson (3) and New York Knicks forward Lance Thomas battle for a loose ball during first half NBA action in Toronto Tuesday November 10, 2015. (Frank Gunn / THE CANADIAN PRESS)

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NEW YORK -- 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 per cent value increase from 2015. It says the increase was driven by a new cable deal and 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 defending champion Golden State Warriors, who enter Wednesday's NBA action with a league-leading 38-4 record, are sixth at $1.9 billion.

The Toronto Raptors are 14th at $980 million.

Forbes says the average NBA team is now worth $1.3 billion, a 13 per cent increase from 2015, and the $5.2 billion in revenue teams generated last season was a record for the league.