For the second year in a row, the New York Knicks have been declared as the NBA’s most valuable team, according to Forbes‘ list. The Knicks have not made a playoff appearance since their 2013 second round exit, despite the current valuation of the team.
The value of the Knicks went up 10 percent, bringing it to $3.3 billion, according to Forbes. The recent renovation of Madison Square Garden, costing approximately $1 billion, has added to the team’s current top spot of the most valuable team in the NBA. The new renovations add revenue to the team in the form of seating and sponsorship opportunities.
According to the Forbes poll, which was released on Wednesday, the average value of teams in the NBA rose 9 percent from last year’s valuations.
In comparison, the Los Angeles Lakers are the second most valuable NBA team, valued at $3 billion. The next three most valuable teams in the NBA are the Golden State Warriors at $2.6 billion, the Chicago Bulls at $2.5 billion, and the Boston Celtics at $2.2 billion, according to the poll.
The NBA champion Cleveland Cavaliers came in at the eleventh spot with a value of $1.2 billion.
The rise in value for NBA teams is due to a nine-year TV deal worth $24 billion. The deal started this season and includes a new collective bargaining agreement.