New York Knicks rated as most valuable NBA team

Thomas Northcut/iStock/Thinkstock(NEW YORK) – The New York Knicks have been rated the most valuable NBA franchise by Forbes magazine.

Franchise values show the Knicks being worth $3.3 billion, followed by the Los Angeles Lakers at $3 billion. The Golden State Warriors, Boston Celtics and Chicago Bulls round out the top five.

Forbes says the Cleveland Cavaliers, LA Clippers and Oklahoma City Thunder all lost money last year due to luxury-tax payments.

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