In the midst of record-breaking $2-plus billion sales of the Los Angeles Clippers, and most recently the Houston Rockets, the New York Knicks remain as the most valuable franchise in the NBA.

Gerry Smith of Bloomberg reports that according to Macquarie Research, the New York Knicks are now pegged at $3.5 billion following the Rockets’ sale.

The Knicks were previously valued at $3.3 million by Forbes in January, the highest in the NBA. The Los Angeles Lakers, Golden State Warriors, Chicago Bulls, and Boston Celtics were right behind the Knicks in the top five.

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The Knicks have managed to maintain their high valuation despite continued dysfunction from a basketball perspective under the watch of owner James Dolan. The Knicks have posted just three winning seasons in the last 16 years.

Former team president Phil Jackson publicly antagonized franchise player Carmelo Anthony and discussed possibly trading young star Kristaps Porzingis before being fired earlier this summer. Even Dolan was involved in his own controversy with the Charles Oakley situation last season.

While the franchise is valued at $3.5 billion, they could fetch a much higher price should Dolan ever decide to sell. The Clippers sold for multiple times more than their previous valuation, while the Rockets also exceeded their valuation by over half a million dollars.