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.
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)