Forbes: Pistons rank 22nd in value among NBA franchises

News staff and wire services

The Pistons are worth $850 million, which ranks 22nd in the NBA, according to Forbes magazine.

The Pistons announced Tuesday that the players and executive staff will make an additional $500,000 commitment to owner Tom Gores’ FlintNow relief effort for the residents affected by the lead-tainted water in the city.

The Knicks are worth $3 billion, highest in the NBA, according to Forbes in its annual ranking of franchise valuations.

The Knicks regained the top spot from the Lakers thanks to a 20 percent value increase from 2015. It says the increase was driven by a new cable deal and the highest premium-seating revenue in the league.

The Lakers have a value of $2.7 billion. The Bulls, Celtics and Clippers rounded out the top five.

Forbes says the average NBA team is now worth $1.3 billion, a 13 percent increase from 2015, and the $5.2 billion in revenue teams generated last season was a record for the league.