NEW YORK (Reuters) - The New York Knicks have not won a championship in nearly 40 years but they are the most valuable team in the National Basketball Association with an estimated worth of $655 million, according to latest Forbes valuations of the NBA's 30 teams.
The average NBA team is worth $369 million, Forbes said. That was up 1 percent from last year, but below the peak of $379 million seen two years ago.
The reigning NBA champion Los Angeles Lakers were the second most valuable team at $643 million, with the Chicago Bulls, former home of Michael Jordan, third at $511 million.
Rounding out the top five were the storied Boston Celtics at $452 million and the Houston Rockets at $443 million.
The loss of superstar LeBron James caused the value of the Cleveland Cavaliers to plummet 26 percent to $355 million, Forbes said.
His new team, the Miami Heat, moved up to seventh place on the Forbes valuation list at $425 million.
(Reporting by Bill Berkrot; Editing by Gary Hill)
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