The New York Knicks have topped the Forbes list of the most valuable NBA teams for the fifth straight year, being valued at $4.6 billion (£3.55 billion).
The Knicks, who last won an NBA title in 1973, have seen their value increase by 15 per cent in the last year, due to a renovation of their arena, a blockbuster local TV deal and playing in the richest North American sports market.
The list comes one week after owner James Dolan said amid a shakeup to the Knicks' front office that he is not selling the team and remains committed to finding the right leader that can lift the once-proud franchise back to prominence.
The Los Angeles Lakers are second on the list with a value of $4.4 billion (£3.4 billion) just ahead of Golden State Warriors who have an estimated worth of $4.3 billion (£3.3 billion).
The Chicago Bulls are valued at $3.2 billion (£2.45 billion) with the Boston Celtics at $3.1 billion (£2.4 billion) completing the top five.
The reigning NBA champion Toronto Raptors were 10th on the list with a value of $2.1 billion (£1.6 billion), a 25 per cent jump from a year ago, which represents the biggest gain in value in the league.
Forbes also said the average value of the NBA's 30 teams is $2.12 billion (£1.65 billion), marking the first time team averages have exceeded $2 billion (£1.55 billion).