Basketball: New York Knicks extend reign as NBA's most valuable team - Forbes

Alec Burks (second from left) of The New York Knicks shoots the ball during the second half at Madison Square Garden in New York on Oct 13, 2021. PHOTO: REUTERS

NEW YORK (REUTERS) - The New York Knicks are the National Basketball Association's most valuable team for a seventh consecutive year, according to the annual list published by Forbes on Monday (Oct 18).

The Knicks, who have just one playoff series victory since 2000 and last won an NBA title in 1973, are worth US$5.8 billion (S$7.82 billion), up 16 per cent from a year ago, according to Forbes.

The Golden State Warriors (US$5.6 billion), Los Angeles Lakers (US$5.5 billion), Chicago Bulls (US$3.6 billion) and Boston Celtics (US$3.5 billion) rounded out the top five.

It marked the first time since Forbes began tracking the finances of NBA teams in 1998 that three franchises were worth US$5 billion each.

Despite the Covid-19 pandemic that kept fans from attending games for most of the 2020-21 NBA season, the average team value rose 13 per cent to US$2.48 billion due to record sponsorship revenue and high expectations for the league's next media rights deal.

The reigning NBA champions Milwaukee Bucks were 17th on the list with a value of US$1.9 billion, up 17 per cent from last year.

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