It pays to be a Knick. According to an annual Forbes study, The New York Knicks have surpassed the Los Angeles Lakers as the NBA’s most valuable franchise. 

Do mostly to the pomp and circumstance surrounding the team and not necessarily the team’s play on the court, the Knicks increased their value 41 percent to $1.1 billion. The Lakers were second at $1 billion.

The Knicks, who are currently hold the second best record in the Eastern Conference behind the defending champion Miami Heat, play in the “world’s most famous arena” in Madison Square Garden. Their venue is in the midst of renovations that have recently boosted the team’s value over the Los Angeles Lakers.

Although the struggles of the Lakers 2012-13 season have been well-documented, the team’s on-court performance rarely have to do with the team’s actual value. The Knicks’ have toiled in mediocrity for the better part of a decade but have still been one of the most valuable franchises in the NBA. The value of the team is usually based on the interest in the team and the market, Los Angeles and New York being two of pro sports largest. Proof of that is the increase of The Nets’ value to 48 percent to $530 million after their move from New Jersey to Brooklyn; The Nets’ value increased 48 percent to $530 million, ranking ninth in the entire league.

The report  estimated the average NBA team’s value at $509 million, a 30 percent increase from last year. The Chicago Bulls, Boston Celtics and Dallas Mavericks round out the top five.

[Spotted at NBA]

Photo: AP