The New York Knicks have not won a championship in nearly 40 years but they are the most valuable team in the National Basketball Association with an estimated worth of $655 million, according to latest Forbes valuations of the NBA's 30 teams.

The value of the Knicks, who last won an NBA title in 1973, rose 12 percent from last year due to increased ticket sales and sponsorships at its home arena Madison Square Garden.

The average NBA team is worth $369 million, Forbes said. That was up 1 percent from last year, but below the peak of $379 million seen two years ago.

The reigning NBA champion Los Angeles Lakers were the second most valuable team at $643 million, with the Chicago Bulls, former home of Michael Jordan, third at $511 million.

Rounding out the top five were the storied Boston Celtics at $452 million and the Houston Rockets at $443 million.

The loss of superstar LeBron James caused the value of the Cleveland Cavaliers to plummet 26 percent to $355 million, Forbes said.

His new team, the Miami Heat, moved up to seventh place on the Forbes valuation list at $425 million.