The New Orleans Pelicans are the least valuable franchise in the NBA, according to Forbes.
In the magazine’s annual list of NBA franchise values, published online Wednesday, the Pelicans are last in the league, valued at $650 million.
The New York Knicks are the most valuable franchise at $3 billion, followed by the Los Angeles Lakers at $2.7 billion, Forbes reported.
The Houston Rockets are the eighth most-valued franchise at $1.5 billion, the Dallas Mavericks ninth at $1.4 billion, the San Antonio Spurs 11th at $1.15 billion and the Atlanta Hawks 24th at $825 million.
Tom Benson bought the Pelicans, then named the Hornets, from the NBA for $338 million in June 2012.