NEW YORK, N.Y. - The Los Angeles Lakers have surpassed the New York Knicks as the NBA's most valuable team, according to Forbes' annual report.

The magazine said Wednesday the Lakers' value had increased 40 per cent since last year to US$900 million thanks to its blockbuster Time Warner TV deal.

The Knicks' value increased 19 per cent to $780 million with a boost from the renovation of Madison Square Garden.

The Chicago Bulls, Dallas Mavericks and Boston Celtics round out the top five.

The Toronto Raptors were listed at No. 12, with a value of $382 million. That's down four percent since last year.

Despite a shortened season, the average team is worth $393 million, up 6.5 per cent from last year, aided by the new collective bargaining agreement.

The Milwaukee Bucks are the least valuable team at $268 million.

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