Forbes lists Knicks as NBA's most valuable franchise, Lakers at No. 2
Two straight losing seasons haven't deterred the New York Knicks from becoming one of the most valuable franchises in sports.
Forbes listed the Knicks at a worth of $3 billion, passing the Los Angeles Lakers ($2.7 billion) as the NBA's most valuable team.
High-priced tickets and a new cable deal were the main reasons for New York's rise, who dethroned Los Angeles after a one-year absence from the top spot.
New York's rapid growth places them fourth among professional sports franchises, behind only the Dallas Cowboys ($4 billion), New England Patriots ($3.2 billion), and New York Yankees ($3.2 billion).
So how far have we come? In 2012 Forbes valued the Lakers at $900m ($2.7b today) - Warriors at $450m ($1.9b today)
— Steve Kyler (@stevekylerNBA) January 20, 2016
Almost all NBA owners should be pleased with the recent valuations, as 13 teams are now listed as worth more than $1 billion, compared to just three in 2014. Twenty-nine teams generated an operating profit last season, with Mikhail Prokhorov's Brooklyn Nets the only exception.
The Milwaukee Bucks ($675 million) and New Orleans Pelicans ($650 million) round out the bottom of the list.