Knicks rated by Forbes as NBA's most valuable franchise
The Knicks have surpassed the Los Angeles Lakers as the most valuable team in the NBA, according to Forbes' annual study.
Boosted by renovations to Madison Square Garden, the Knicks' value increased 41 percent to $1.1 billion. The Lakers were second at $1 billion.
The report released today estimated the average NBA team's value at $509 million, a 30 percent increase from last year.
-- Associated Press