At $1.1 billion, the Knicks were named the most valuable team in the NBA by Forbes magazine Tuesday.
The Knicks' value increased 41% in the last year, driven largely by a $980 million renovation to Madison Square Garden. The project began in 2011 and the benefits are starting to pay off.
"The renovation created more corporate sponsorship opportunities, more revenue from premium seating, and it gave the team a chance to dramatically boost ticket prices," said Forbes senior editor Kurt Babenhausen, who contributed to the report.
The renovations, which are expected to be completed this summer, helped earn the Knicks $243 million in revenue last season.
The Knicks took the top-spot from the Los Angeles Lakers, valued at $1 billion.
The Brooklyn Nets also made the top 10 most valuable teams, clocking in at $530 million.
The average NBA team value increased 30% since 2012.
The Dolan family owns controlling interests in the Knicks, MSG and Cablevision. Cablevision owns amNewYork.
Top 10 most valuable NBA teams
1 Knicks, $1.1 billion
2 Los Angeles Lakers, $1 billion
3 Chicago Bulls, $800 million
4 Boston Celtics, $730 million
5 Dallas Mavericks, $685 million
6 Miami Heat, $625 million
7 Houston Rockets, $568 million
8 Golden State Warriors, $555 million
9 Brooklyn Nets, $530 million
10 San Antonio Spurs, $527 million