The Knicks are now the most valuable team in the NBA, according to an annual report put out by Forbes Magazine.

Forbes said the Knicks value rose 41 percent over the past season, thanks mainly to the ongoing renovation of Madison Square Garden and a big hike in their TV ratings.

They are now valued at $1.1 billion, up from $780 million last year, when they were the second most valuable team.

The Nets also saw a huge boost of 48 percent after their move to Brooklyn.

They are the ninth most valuable team at $530 million, up from 14th place and $357 million a year ago.

The Knicks are followed by the Lakers (who were first last year), the Bulls and the Celtics.

The defending champions, the Miami Heat, came in sixth place.