Lakers pass Knicks as NBA's most valuable team

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NEW YORK (AP) -- The Los Angeles Lakers have surpassed the New York Knicks as the NBA's most valuable team, according to Forbes' annual report.

The magazine (www.forbes.com/nba) said Wednesday that the Lakers' value had increased 40 percent since last year to $900 million thanks to its blockbuster Time Warner TV deal. The Knicks' value increased 19 percent to $780 million with a boost from the renovation of Madison Square Garden. The Chicago Bulls, Dallas Mavericks and Boston Celtics round out the top five.

Despite a shortened season, the average team is worth $393 million, up 6.5 percent from last year, aided by the new collective bargaining agreement.

The Milwaukee Bucks are the least valuable team at $268 million.