The New York Knicks are the most valuable franchise in the NBA for the sixth consecutive season, according to Forbes.
The Knicks are currently valued at $5 billion.
The Warriors moved past the Lakers into second place with a $4.7 billion valuation. It is the first time since the Bulls in 2000 that the Lakers and Knicks were not the two most valuable teams in the league.
The average value of teams increased by 4% from last year to $2.2 billion, the smallest increase since 2010.
The average team lost 12% in profit last season, down to $62 million.
Forbes estimates that every team still delivered positive operating income, with the Warriors posting a record $200 million.
The Lakers, Bulls, and Celtics round out the top 5.