The Los Angeles Lakers, New York Knicks, and Chicago Bulls top the list of the most valuable NBA teams, according to Forbes.
The Lakers lead 11 teams worth at least $1 billion, up from three teams just a year ago.
The Lakers worth has skyrocketed 93 percent, and the team is now valued at $2.6 billion with the help of the richest local TV deal in the sport–a 20-year, $4 billion contract with Time Warner.
The Knicks value increased 79 percent to $2.5 billion, Forbes said.
The Bulls ($2 billion), Boston Celtics ($1.7 billion), and Los Angeles Clippers ($1.6 billion) round out the top five.
The Brooklyn Nets ($1.5 billion), Golden State Warriors ($1.3 billion), Houston Rockets ($1.25 billion), Miami Heat ($1.17 billion), Dallas Mavericks ($1.15 billion), and San Antonio Spurs ($1 billion) are the rest of the teams that are valued at at least $1 billion.
The Milwaukee Bucks ($600 million), Minnesota Timberwolves ($625 million), and New Orleans Pelicans ($650 million) are on the bottom of the list.
The reasons that teams’ values are skyrocketing include the high growth in local TV contracts, as live sports become more valuable in an environment of increasing DVR and video-on-demand use.
The owners are making more money than ever, noted Business Insider last year, with owners taking more of the revenue split thanks to the current collective bargaining agreement.
Wealthy people willing to spend lots of money for a team–as Steve Ballmer did with the Clippers–is another factor in driving prices up.