Forbes Says New York Knicks Become Most Valuable Basketball Team [PHOTO]

For years the Los Angeles Lakers have spent their time in the NBA as the wealthiest basketball team, until now.

According to a study by Forbes Magazine, the New York Knicks have surpassed that mark by now being the most valuable team in the NBA at $1.1 billion which is an increase of 41% from last year.

The jump to number one is closely associated with the renovations made to Madison Square Garden within the past year.

Lakers don’t have to look to far up, as their value is a close number two with $1 billion.

Nets in their first season in Brooklyn also made a big jump in the rankings from #21 to #9 in one year with a net worth of $530 million. They were worth $312 million in 2011.

Chicago Bulls, Boston Celtics, and Dallas Mavericks were ranked #3-#5.