Knicks 1st, Lakers 2nd on Forbes list
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.
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.
Copyright 2011 by The Associated Press