The Los Angeles Lakers have surpassed the New York Knicks as the NBA's most valuable team, according to Forbes' annual report.
The magazine said Wednesday that the value of the Lakers, who won NBA titles in 2009 and 2010, soared 40 percent from last year due to a 20-year television deal with Time Warner Cable.
The Lakers are comfortably above the second-place Knicks, whose value rose 19 percent to $780 million, largely with a boost from the renovation of Madison Square Garden.
The Chicago Bulls, Dallas Mavericks, and Boston Celtics rounded 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.
All-star power forward Kevin Love is staying with the Minnesota Timberwolves.
Love and the team agreed to a four-year contract extension worth $60 million to $62 million, a deal that includes a player option in the final year.
"I like the direction the team is headed," Love said. "I like the youth. I like the pieces, like we're knocking at the door and we're close in a lot of games."
Love is fifth in the league in scoring with 24.9 points per game, second with 13.9 rebounds, and first with 39.4 minutes played. He has emerged as the face of the franchise and is a key building block for the team and new coach Rick Adelman.
- Inquirer wire services
