Every NBA franchise is worth $1 billion for the first time ever, per Forbes

The average NBA franchise is worth $1.65 billion, according to Forbes’ annual evaluation of the league that was released Wednesday. It’s a 22 percent jump from last season, and it means that every single team’s valuation has broken the $1 billion plateau.

The New York Knicks are still the highest-valued team, worth $3.6 billion, followed closely by the Los Angeles Lakers at $3.3 billion, according to Forbes. In fact, New York is the seventh-most valuable sports team in the world, trailing only the Dallas Cowboys (NFL), New York Yankees (MLB), Manchester United (Soccer), Barcelona (Soccer), Real Madrid (Soccer), and the New England Patriots (NFL). Here is the list of Forbes’ top 50 most valuable teams in the world.

At exactly $1 billion, the New Orleans Pelicans have the smallest evaluation of any NBA team. They also reside in the smallest media market, however. The biggest jump from last year to this year came from the Philadelphia 76ers, who had a 48 percent gain, per Forbes.

The Golden State Warriors passed the Chicago Bulls in this year’s evaluation and are worth $3.1 billion to Chicago’s $2.6 billion. The Warriors are helped by their brand new arena that will open in two seasons. Other new arenas, including ones in Sacramento, Milwaukee, and Detroit, have also helped raise value for the franchises.

While the NBA continues to grow, it still isn’t close to surpassing the NFL yet, where average franchises are worth $2.5 billion, almost $900 million more on average than the NBA.

You can see Forbes’ full rankings for all 30 NBA teams here. The valuations were calculated with revenues and operating incomes from the 2016-17 season, while taking into consideration the league’s revenue sharing. Forbes also calculated the value of each team’s arena deals, which includes non-basketball events that take place at those arenas and ultimately profit the NBA owners behind the franchises, to come up with a final total.