Knicks owner James Dolan watches his team play against the...

Knicks owner James Dolan watches his team play against the Denver Nuggets at Madison Square Garden on Friday, Feb. 10, 2017. Credit: Jim McIsaac

The Knicks are the most valuable franchise in the NBA for the second straight year, according to Forbes.

Forbes released its latest valuations for NBA franchises on Wednesday morning.

The Knicks are now valued at $3.3 billion, up 10 percent over last year, according to Forbes. Forbes said the Knicks had an NBA-record operating profit of $141 million last season, thanks to the recent $1 billion renovation of Madison Square Garden and a new local cable deal.

Forbes has the Nets as the seventh most value franchise, valued at $1.8 billion with $15.7 million in operating income for the 2015-16 season.

The Lakers are the second most valuable franchise at $3 billion, an 11 percent increase over last season, according to Forbes.

Forbes has the Warriors as the third most valuable franchise with an NBA-high 37 percent jump to $2.6 billion.

Forbes said the average NBA franchise is now worth $1.36 billion. The league has profited from a $24 billion media deal with ESPN and TNT, a new collective bargaining agreement and huge growth in international markets, according to Forbes.