NEW YORK (AP) -- The New York 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 Wednesday estimated the average NBA team's value at $509 million, a 30 percent increase from last year.
The Chicago Bulls, Boston Celtics and Dallas Mavericks round out the top five.
The Milwaukee Bucks were the least valuable at $312 million. The Nets' value increased 48 percent to $530 million, ranking ninth, after their move from New Jersey to Brooklyn.
Tuesday, May 21 2013 10:55 AM EDT2013-05-21 14:55:22 GMT
The New York Yankees are going into the soccer business.
The New York Yankees are going into the soccer business. The Yankees are partnering with Manchester City to own Major League Soccer's 20th team, which will be called New York City Football Club and plans to start play in the 2015 season.
Tuesday, May 21 2013 5:53 AM EDT2013-05-21 09:53:31 GMT
Jay Bruce hit a tiebreaking homer and drove in two runs to back Johnny Cueto's wild but effective return from the disabled list, and the Cincinnati Reds beat the New York Mets 4-3 Monday night.
Jay Bruce hit a tiebreaking homer and drove in two runs to back Johnny Cueto's wild but effective return from the disabled list, and the Cincinnati Reds beat the New York Mets 4-3 Monday night.
Monday, May 20 2013 7:05 PM EDT2013-05-20 23:05:15 GMT
A private country club opened its golf course to the public for a charity tournament to raise money for Superstorm Sandy relief. The Westlake Golf and Country Club in Jackson hosted the event on May 13,
A private country club opened its golf course to the public for a charity tournament to raise money for Superstorm Sandy relief. The Westlake Golf and Country Club in Jackson hosted the event on May 13,
Monday, May 20 2013 3:36 PM EDT2013-05-20 19:36:09 GMT
AP photo
Yankees third baseman Alex Rodriguez started his third week of on-field work by adding defensive drills and hitting in a cage. The 37-year-old, recuperating from left hip surgery on Jan. 16, fielded grounders
Yankees third baseman Alex Rodriguez started his third week of on-field work by adding defensive drills and hitting in a cage. The 37-year-old, recuperating from left hip surgery on Jan. 16, fielded grounders
Sunday, May 19 2013 7:06 PM EDT2013-05-19 23:06:52 GMT
Johnny Boychuk broke a tie midway through the second period, and the Boston Bruins scored two goals in the third to beat the New York Rangers 5-2 on Sunday
Johnny Boychuk broke a tie midway through the second period, and the Boston Bruins scored two goals in the third to beat the New York Rangers 5-2 on Sunday
Saturday, May 18 2013 11:37 PM EDT2013-05-19 03:37:47 GMT
Lance Stephenson scored nine of his playoff career-high 23 points during a late 11-2 run Saturday night, leading the Indiana Pacers past the New York Knicks, 106-99 and into the Eastern Conference finals
Lance Stephenson scored nine of his playoff career-high 23 points during a late 11-2 run Saturday night, leading the Indiana Pacers past the New York Knicks, 106-99 and into the Eastern Conference finals
Saturday, May 18 2013 9:43 PM EDT2013-05-19 01:43:03 GMT
RICHARD ROSENBLATT, AP Sports Writer BALTIMORE (AP) — Right from the start, a horse trained by one not so over-the-hill Hall of Famer and ridden by another took control of the Preakness. The result:
RICHARD ROSENBLATT, AP Sports Writer BALTIMORE (AP) — Right from the start, a horse trained by one not so over-the-hill Hall of Famer and ridden by another took control of the Preakness. The result:
Saturday, May 18 2013 5:55 PM EDT2013-05-18 21:55:54 GMT
Robinson Cano hit a pair of two-run homers to back a solid effort by David Phelps, and New York beat the Toronto Blue Jays for the ninth straight time at Yankee Stadium, 7-2 Saturday.
Robinson Cano hit a pair of two-run homers to back a solid effort by David Phelps, and New York beat the Toronto Blue Jays for the ninth straight time at Yankee Stadium, 7-2 Saturday.
