Knicks overtake Lakers in value rankings, says 'Forbes'

NEW YORK -- The New York Knicks have overtaken the Los Angeles Lakers as the NBA's most valuable franchise, and 17 of the 30 teams are estimated to have lost money last season, according to Forbes.

Amar'e's Knicks are the most valuable franchise in the NBA. (AP)

The Knicks' value rose 12 percent from $586 million to $655 million, the magazine said Wednesday in its annual evaluation. The rise was attributed to increased ticket sales and sponsorships at Madison Square Garden.

The Lakers went up 6 percent from $607 million to $643 million.

Chicago was third at $511 million, followed by Boston ($452 million), Houston ($443 million) and Dallas ($438 million).

After signing Lebron James, the Miami Heat had the biggest percentage rise, a 17 percent increase to $425 million, good for seventh place. Following the loss of James, Cleveland dropped a league-high 26 percent to $355 million.

The average value of a franchise increased 1 percent to $369 million, down from $379 million two years ago.

Forbes estimated teams averaged $6.1 million in operating income. It said the total of teams that lost money is the most since the lockout-shortened 1998-99 season.