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New York Knicks are the NBA's most valuable team, according to Forbes magazine.

In its annual publication of NBA franchise values, Forbes said the Knicks increased their value 41 percent to $1.1 billion, thanks to the $980 million renovation of Madison Square Garden, an increase in TV ratings, and the team's better performance in games.

"The Knicks’ home arena, Madison Square Garden, is in the final stages of a $980 million renovation, to be completed this summer," Forbes said. "The makeover resulted in an NBA-leading $243 million in revenue last season. Another plus: better play. In 2012, the Knicks won a playoff game for the first time since 2001."

The Los Angeles Lakers, who topped last year's list, are now second, with a value of $1 billion.

Rounding the Top 5 most valuable NBA teams are Chicago Bulls ($800 million), Boston Celtics ($730 million), and Dallas Mavericks ($685 million).

The report released Wednesday estimated the average NBA team’s value at $509 million, which is 30 percent higher than last year.

Check out below the value of each NBA team according to Forbes annual survey:
1. New York Knicks: $1.1B
2. Los Angeles Lakers: $1B
3. Chicago Bulls: $800M
4. Boston Celtics: $730M
5. Dallas Mavericks: $685M
6. Miami Heat: $625M
7. Houston Rocket: $568M
8. Warriors: $555M
9. Brooklyn Nets: $530M
10. San Antonio Spurs: $527M
11.Kings: $525M
12. OC Thunder: $475M
13. Phoenix Suns:$474M
14. Orlando Magic: $470M
15. Trail Blazers: $457M
16. Cavaliers: $434M
17. Utah Jazz: $432M
18. LA Clippers: $430M
19. Nuggets: $427M
20. 76ers: $418M
21. Toronto Raptors: $405M
22. Detroit Pistons: $400M
23. Washington Wizards: $397M
24. Indiana Pacers: $383M
25. Memphis Grizzlies: $377M
26. Timberwolves: $364M
27. New Orleans Hornets: $340M
28. Atlanta Hawks: $316M
29. Charlotte Bobcats: $315M
30. Milwaukee Bucks: $312M

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