NEW YORK -- The Los Angeles Lakers are the NBA's most valuable team, and 12 franchises lost money in the 2008-09 season, according to Forbes magazine.

In its annual listing of the value of NBA franchises, Forbes finds Lakers to be worth $607 million, up 4 percent for the league champions. Second are the New York Knicks at $586 million, but that is a 4 percent drop. The Knicks led the rankings for the four previous seasons.

The Chicago Bulls ($511 million), Detroit Pistons ($479 million) and Cleveland Cavaliers ($476 million) round out the top five.

At the bottom of the 30-team rankings are the Milwaukee Bucks at $254 million. The league average worth is $367 million, down 4 percent, according to Forbes.

The teams losing money in the last 12 months are the Dallas Mavericks, Portland Trail Blazers, Orlando Magic, Atlanta Hawks, Sacramento Kings, Indiana Pacers, Charlotte Bobcats, New Jersey Nets, Minnesota Timberwolves, New Orleans Hornets, Memphis Grizzlies and Bucks.

Teams' average operating income was $7.8 million, with the Lakers at the top with $51.1 million, just ahead of the Bulls at $51 million. Portland's value has increased the most, by 10 percent, while the Kings and Grizzlies each have dropped the most, by 13 percent.

Copyright 2009 by The Associated Press