New York Knicks NBA's Most Valuable Team

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The New York Knicks may be mired in a slump when it comes to wins and losses, but they certainly aren’t in one when it comes to franchise value.

Jan 11, 2013; New York, NY, USA; New York Knicks center Tyson Chandler (6) shoots a free throw during the fourth quarter against the Chicago Bulls at Madison Square Garden. Chicago won 108-101. Mandatory Credit: Anthony Gruppuso-USA TODAY Sports

According to Forbes Magazine, the Knicks are the NBA’s most valuable team. The magazine’s most recent franchise valuations say the team is worth $1.1 billion. The Knicks surpassed the Los Angeles Lakers ($1 billion) as the NBA’s most valuable franchise. They also saw a whopping 41 percent increase from last time Forbes released franchise values last year.

So much for the Knicks losing value after allowing Jeremy Lin to sign with the Houston Rockets, as many predicted they would.

Forbes credits the rapid increase in value to the ongoing renovation of Madison Square Garden, an increase in television ratings and merchandising sales, and the team’s on-court success. They also estimate that the $980 million renovation of Madison Square Garden has helped produce $243 million in revenue for the Knicks, the highest profit in the NBA.

They also report that ratings for Knicks games were up 74 percent compared to the same period last season. As far as merchandise, the Knicks jersey was the top-selling jersey in the league from April 2012 through Nov. 26, 2012.

The Knicks ranked second in the NBA in terms of value last year, behind the Lakers. They were worth $780 million, according to Forbes.

According to Forbes, the average NBA team is worth $509 million, a 30 percent increase from last season.

Here is the complete list according to Forbes.