NEW YORK, NY - OCTOBER 24: Members of the media tour Madison Square Garden after a press conference announcing the completion of three-year, $1 Billion dollar face lift to Madison Square Garden on October 24, 2013 in New York City. Madison Square Garden is home to the basketball team the New York Knicks and the hockey team the New York Rangers, and also hosts events ranging from live music shows, political events and professional boxing matches. The Garden also faces new challenges in the live entertainment business from the recently opened Barclay's Center in Brooklyn, NY.
(Photo by Andrew Burton/Getty Images)

The New York Knicks have found themselves on the top of the Forbes list for the most valuable franchises in the NBA.

According to Kurt Badenhausen of Forbes, the New York Knicks are once again the most valuable franchise in the NBA. The team is worth a whopping $4.6 billion and remains No. 1 for the fifth straight year.

The Golden State Warriors and Los Angeles Lakers join the $4 billion club. They’re still behind though at $4.3 billion and $4.4 billion, respectively. At $5.5 billion, the Dallas Cowboys are the only North American sports team worth more than the Knicks.

Even though the NBA is dealing with major issues—television ratings plummetting plus the tiff with the Chinese market over Rockets general manager Daryl Morey’s Hong Kong comments—team values are still soaring. All NBA teams generated a combined $8.8 billion in revenue last year, a feat the league has never accomplished. Apparently, they’re projected to increase by another 8% this year.

Knicks fans may feel like they have something to brag about. Nonetheless, remembering the state of the team brings them back down to earth. The ballclub is en route to its seventh consecutive losing campaign.

Just this season, head coach David Fizdale was fired after a lackluster 4-18 start to the season and an overall record of 21-83 during his tenure. It’s the worst record of any coach in franchise history.

To make matters worse, drama ensued after the Knicks hired Steve Stoute to help with rebranding.

Stoute implied that the Knicks were already talking about replacing interim head coach Mike Miller, a comment that made some noise. It became so out of hand that the Knicks had to release a statement saying Stoute doesn’t speak on behalf of personnel and basketball operations.

The Knicks play in the largest market in the country and have a loyal and dedicated fan base. But frustration can only last so long. While fans are hoping the on-court product changes, the business side of things is running smoothly in Madison Square Garden.

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