Best NBA Team: New York Knicks is League's Most Valuable Franchise Says Forbes

For the second consecutive year, the New York Knicks is the most valuable franchise in the NBA, a report by ESPN noted. 

The report was accomplished by Forbes, revealing that the Gotham City franchise is said to be worth $1.4 billion. This valuation increased from last year because of the recent renovations undertaken at the Madison Square Garden that helped reach profits of a record high $96 million in 2013.

The overall picture of NBA franchises show its increasing values, especially at a time of transition as long time NBA Commissioner David Stern steps down after thirty years at the helm. The Forbes report said that the average NBA franchise is worth nearly $634 million, which is equity plus debt. This is a 25% increase from last year's average franchise valuations.

NBA Sports Illustrated reported that the top four teams in terms of value are as follows: New York Knicks at $1.4 billion, Los Angeles Lakers at $1.35 billion, Chicago Bulls at $1 billion and the Boston Celtics at $875 million. Rounding up as fifth is the Brooklyn Nets at $780 million.

According to the same Forbes report, overall, the operating income had doubled to an average of $23.7 million, which it says was the record amount since the media outlet started computing the NBA franchise valuations. 

The current NBA champions MIami Heat was valued at $770 million, which is seventh overall out of the thirty teams in the league.

At the other end of the spectrum, CBS reported the top team that had lost money in 2013 was the Brooklyn Nets, which reported a $19 million operating income deficit. They were followed by the Philadelphia 76ers which reported a deficit of $3.8 million. The other teams that lost money in 2013 were the Atlanta Hawks and the Minnesota Timberwolves.