The New York Knicks and Los Angeles Lakers still top the list of most valuable NBA clubs, according to a survey released on Wednesday by Forbes – which for the first time says every franchise is worth $1 billion.
According to its latest annual assessment, the average value of an NBA club is $1.65 billion.
The Knicks remain atop that list, worth $3.6 billion and another iconic club, the Lakers, are now worth an estimated $3.3 billion.
The Knicks are profiting from a $1 billion renovation to Madison Square Garden, which provided new revenue oppotunities from sponsorships and seating.
The Lakers, who like the Knicks have struggled in recent years, continue to benefit from raking in almost $150 million a year from their local television and radio deals.
The reigning champion Golden State Warriors passed the Chicago Bulls in this year’s list to lie third with a value of $3.1 billion to Chicago’s $2.6 billion.
The Warriors’ jump is due in part to the new arena due to open in two seasons.
New arenas in Sacramento, Milwaukee and Detroit have also pushed up franchise values.
The New Orleans Pelicans are the lowest-ranked, at an estimated value of $1 billion.
The club making the biggest jump from last year was the Philadelphia 76ers, who gained 48 percent in value to $1.18 billion, according to Forbes’ calculations.
The valuations were calculated with revenues and operating incomes from the 2016-17 season, while taking into consideration the league’s revenue sharing. Arena deals, and revenue from non-basketball events that take place at the venues, are also included in the totals.