HOUSTON - The Houston Rockets are the seventh-most valuable franchise in the NBA, according to Forbes' annual valuations.
Tilman Fertitta's Rockets are worth $2.3 billion, up 5 percent from last year.
Houston takes in $326 million in revenue and has an operating income of $103 million. The Rockets sit behind the Nets (sixth), Celtics (fifth), Bulls (fourth), Warriors (third), Lakers (second) and Knicks (first).
The New York Knicks are worth $4 billion, making them the most valuable NBA team for the fourth straight year, according to Forbes. That's despite having the worst record among the league's 30 teams.
In its annual rankings, Forbes said the Knicks' value increased 11 percent from last year because of a $1 billion renovation of Madison Square Garden, completed in 2013, that has produced a series of new revenue streams.
Forbes says the Los Angeles Lakers remain in second place with a value of $3.7 billion, up 12 percent.
The average NBA team is worth $1.9 billion, up 13 percent from last year.
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