(REUTERS) - The New York Knicks remained the NBA's most valuable team, worth over US$1 billion (S$1.28 billion), according to a Forbes poll on Wednesday that showed the average team value rose 25 per cent from last year.

The average NBA team's value rose to US$634 million, a jump Forbes said was driven by cost controls from the collective bargaining agreement and the much-anticipated next round of television contracts.

The Knicks were valued at US$1.4 billion, a 27 per cent rise from last year, due to a renovation to their home arena and qualifying for last season's playoffs.

The Los Angeles Lakers, who topped the list two years ago, remained second with a value of US$1.35 billion, up 35 per cent from last year.

Rounding out the top five were the Chicago Bulls (US$1 billion), Boston Celtics (US$875 million) and Brooklyn Nets (US$780 million).

The reigning NBA champion Miami Heat were ranked seventh out of the league's 30 teams with a 23 per cent jump in value to US$770 million.