The New York Knicks and Los Angeles Lakers are each worth more than $1 billion, Forbes Magazine reported, and they become the first NBA franchises to pass the $1 billion mark.
Forbes' most recent valuation of NBA franchise places the Knicks as the most valuable franchise at $1.1 billion, with the Lakers right behind at about $1 billion. The $980 million renovation to Madison Square Garden has a lot to do with the Knicks' increased value.
According to the report, the average NBA franchise is worth $509 million, an increase of about 30 percent from last year. The Milwaukee Bucks are the franchise with the least value with an estimate worth of $312 million.
Lakers' guard Kobe Bryant makes the most money of any NBA player, according to Forbes' analysis of player earnings.
Forbes estimates Bryant's total earnings in salary and endorsements for the year at $59.8 million. LeBron James was second at $57.6 million, with Derrick Rose third at $32.4 million.