Knicks unseat Lakers as NBA's most valuable team By FRANK PINGUE, REUTERS

New York Knicks forward Carmelo Anthony is congratulated by point guard Pablo Prigioni after scoring a basket against the New Orleans Hornets in the first quarter of their NBA basketball game at Madison Square Garden in New York, Jan. 13, 2013. (REUTERS/Adam Hunger)

The New York Knicks are the National Basketball Association's most valuable team, worth over $1 billion, according to a Forbes poll released on Wednesday that showed the average team value rose 30% over the last year.

The average NBA team's value is now $509 million, a rise Forbes said was driven by higher television revenue, new and renovated arenas and the league's new collective bargaining agreement.

The Knicks reclaimed top spot in the annual poll from the Los Angeles Lakers with a value of $1.1 billion, a 41% jump from last year, due mainly to a $980 million renovation of Madison Square Garden that will be completed later this year.

The Lakers, who had the league's highest payroll last season that triggered a $12.6 million luxury tax bill, were second with a value of $1 billion, up 11% from last year.

The Knicks and Lakers are the first NBA teams to be valued at $1 billion or above.

Rounding out the top five were the Chicago Bulls ($800 million), Boston Celtics ($730 million) and Dallas Mavericks ($685 million).

The Toronto Raptors were ranked 21st overall, with a value of $405 million and a profit of $19 million.

The value of the reigning NBA champion Miami Heat rose 37% to $625 million, putting them sixth among the league's 30 teams.