CHARLOTTE, N.C. -- The Charlotte Bobcats are one of the NBA's least valuable franchises, according to a new study by Forbes Magazine.
The Bobcats are worth $315 million, second to league-low Milwaukee, which is worth $312 million.
The Bobcats finished last season with the worst winning percentage of any team in league history (7-59), and have followed that up with a 10-31 performance this season--second worst in the NBA.
Owned by NBA legend Michael Jordan, Forbes says the Bobcats' value has decreased $13 million over the last year.
The New York Knicks are the league's most valuable franchise, worth an estimated $1.1 billion according to Forbes. The Los Angeles Lakers ($1 billion), Chicago Bulls ($800 million), Boston Celtics ($730 million) and Dallas Mavericks ($685 million) round out the top five.
The report released Wednesday estimated the average NBA team's value at $509 million, a 30 percent increase from last year.
The Associated Press contributed to this report.