New York Knicks' Kristaps Porzingis, right, reacts after injuring his foot during the second half of the NBA basketball game against the Philadelphia 76ers, Monday, Jan. 18, 2016 in New York. The Knicks defeated the 76ers in double overtime 119-113.(AP Photo/Seth Wenig)

NEW YORK | The New York Knicks are worth $3 billion, highest in the NBA, according to Forbes.

New York Knicks' Kristaps Porzingis, right, reacts after injuring his foot during the second half of the NBA basketball game against the Philadelphia 76ers, Monday, Jan. 18, 2016 in New York. The Knicks defeated the 76ers in double overtime 119-113.(AP Photo/Seth Wenig)
New York Knicks’ Kristaps Porzingis, right, reacts after injuring his foot during the second half of the NBA basketball game against the Philadelphia 76ers, Monday, Jan. 18, 2016 in New York. The Knicks defeated the 76ers in double overtime 119-113.(AP Photo/Seth Wenig)
New York Knicks’ Kristaps Porzingis, right, reacts after injuring his foot during the second half of the NBA basketball game against the Philadelphia 76ers, Monday, Jan. 18, 2016 in New York. The Knicks defeated the 76ers in double overtime 119-113.(AP Photo/Seth Wenig)

Forbes said Wednesday in its annual ranking of franchise valuations that the Knicks regained the top spot from the Los Angeles Lakers thanks to a 20 percent value increase from 2015. It says the increase was driven by a new cable deal and the highest premium-seating revenue in the league.

The Lakers have a value of $2.7 billion. The Chicago Bulls, Boston Celtics and Los Angeles Clippers rounded out the top five.

Forbes says the average NBA team is now worth $1.3 billion, a 13 percent increase from 2015, and the $5.2 billion in revenue teams generated last season was a record for the league.