They haven't won a championship in nearly 40 years, or won a playoff series in more than a decade, but the New York Knicks are now the most valuable team in the NBA.
According to Forbes Magazine, the Knicks' value rose 12 percent last year to $655 million.
That was good enough to overtake the two-time defending champion Los Angeles Lakers who dropped to second place at a value of $643 million.
The Chicago Bulls came in third.
The magazine attributes the Knicks' rise to increased ticket sales and sponsorships at Madison Square Garden.
The Miami Heat had the biggest increase of 17 percent to move into seventh place after signing LeBron James.
The New Jersey Nets came in 21st in the 30-team league with a value of $312 million.