NEW YORK — The Los Angeles Lakers have surpassed the New York Knicks as the NBA’s most valuable team, according to Forbes’ annual report.

The magazine said Wednesday that the Lakers’ value had increased 40 percent since last year to $900 million thanks to its blockbuster Time Warner TV deal.

The Knicks’ value increased 19 percent to $780 million with a boost from the renovation of Madison Square Garden. The Chicago Bulls, Dallas Mavericks and Boston Celtics round out the top five.