January 22, 2014 / 7:15 PM / 4 years ago

Knicks top Forbes list of most valuable NBA teams

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Jan 20, 2014; New York, NY, USA; New York Knicks shooting guard J.R. Smith (8) works against Brooklyn Nets shooting guard Joe Johnson (7) during the first half at Madison Square Garden. Jim O'Connor-USA TODAY Sports

(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

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