Union says ground workers at American Airlines would get immediate raises in event of merger

DALLAS – American Airlines ground workers would get immediate 4.3 per cent raises, if the carrier merges with US Airways under a deal negotiated by the workers’ union and both airlines.

The money would be in addition to terms of contracts that mechanics, bag handlers and other workers accepted in recent months. The raises would take effect only if approved by the federal judge overseeing American’s bankruptcy overhaul.

The Transportation Workers Union said Monday that the raises for about 20,000 workers would cost $260 million. American had expected to save about $1 billion per year in labour costs under contracts that were ratified last year by ground workers, pilots and flight attendants.

The union’s president, James C. Little, said the ground workers “have made incredible sacrifices to keep American Airlines afloat” and deserve something for their efforts.

American spokeswoman Missy Cousino said the new agreement with ground workers would give the airline more certainty about costs and the process of combing labour forces if there is a merger with US Airways.

The two airlines have been discussing a potential deal for months. American parent AMR Corp. filed for bankruptcy protection in 2011 and is now considering whether to accept a merger pushed by US Airways Group Inc. or emerge from Chapter 11 on its own.

AMR’s creditors will also have a role in the decision, which is expected in the next few weeks.

50% Off Sale from Porter

Save 50% on travel to/from Canadian cities with the latest sale from Porter. Travel is valid through June 26. All tickets must be booked by February 1.

Fares include:

Newark to Toronto $211 round-trip, nonstop, including all taxes

Boston to Toronto $240 round-trip, nonstop, including all taxes

Burlington to Toronto $245 round-trip, nonstop, including all taxes

Chicago to Toronto $258 round-trip, nonstop, including all taxes

Chicago to Montreal $314 round-trip, nonstop, including all taxes

Washington DC to Montreal $312 round-trip, nonstop, including all taxes

Travel to/from Boston, Montreal, St Johns, Chicago, Newark, Thunder Bay, Halifax, Ottawa, Moncton, Quebec City, Sault Ste. Marie, Sudbury, Windsor, Timmins, and Toronto.

Toronto image via Shutterstock

Rome Trevi Fountain, symbol of Dolce Vita, to get big facelift

  • German designer Karl Lagerfeld (L) and Creative Director of Fendi, Silvia Fendi arrive to attend a news conference to present a project of cultural patronage that will involve Rome's Trevi fountain and others monuments, in Rome January 28, 2013. REUTERS/Tony Gentile

    Reuters/Reuters – German designer Karl Lagerfeld (L) and Creative Director of Fendi, Silvia Fendi arrive to attend a news conference to present a project of cultural patronage that will involve Rome’s Trevi …

ROME (Reuters) – Anita Ekberg, who famously waded in Rome’s Trevi Fountain with Marcello Mastroianni in the 1960 classic film “La Dolce Vita”, would probably say “It’s about time, darling!”

The fountain, arguably the world’s most recognizable, is about to get the most thorough face-lift since it was completed in 1762 and the restoration was presented on Monday by a man who also uses the word darling a lot: fashion designer Karl Lagerfeld.

Lagerfeld is artistic director of Fendi, the Italian luxury fashion house which is picking up the tab for 2.2 million euro ($2.9 million) restoration.

“I think its a great idea and a great project. This fountain is a symbol of the Rome like the Colosseum and St Peter’s and I am happy that we can all help,” said Lagerfeld, wearing a black, high-neck jacket, black lace gloves and black sunglasses.

The 20-month restoration will clean the fountain, which covers the entire facade of Rome’s Palazzo Poli with its allegorical statues of Tritons guiding the shell chariot of the god Oceanus illustrating the theme of the taming of the waters.

The restoration will remove calcium deposits, clean the statues, check the strength of steel supporting them, apply new waterproofing to the large basin, fix leaks, install new pumps and electric works and add new barriers to keep pigeons away.

But tourists need not worry. Only one third of the monument will be covered by scaffolding at any time.

The last restoration was about 25 years ago but officials said new techniques developed since then would make it the most thorough cleaning in the fountain’s 251-year history.

“There is no tourist in the world who does not dream of standing before the Trevi Fountain at least once in their life,” said Rome Mayor Gianni Alemanno.

Tourists will still be able to toss coins in the basin – a tradition said to ensure that they will return to the Eternal City.

Not surprisingly, the soundtrack from the 1954 American romantic comedy “Three Coins in the Fountain” was played in the background at the presentation in Rome’s city hall.

“Throwing a coin into the fountain is a rite and a right,” said Umberto Broccoli, superintendent for Rome’s cultural heritage.

A MILLION EUROS IN SMALL CHANGE

About a million euros ($1.35 million) worth of coins are thrown into the basin by tourists each year. All the money goes to a charity that helps the city’s needy.

Rome-based Fendi, known for its extravagant furs and chic baguette clutches worn by movie star Sarah Jessica Parker and pop singer Rihanna, is the latest luxury goods company helping Italy keep up its cultural heritage sites.

Luxury shoemaker and leather goods company Tod’s is sponsoring a major restoration of the Colosseum.

In tough economic times, Mayor Alemanno said, the city appreciated all the help it could get to keep up the capital’s vast cultural heritage. He called the Fendi family the “new patrons” of the arts, likening them to the Medici family of Renaissance Tuscany.

“This is not to shirk our duties over to the private sector but the state needs a new patronage to help Italian culture,” he said.

In exchange, Fendi will get only a small sign about the size of a coffee table book telling tourists that it was the sole sponsor. The sign will stay up for four years after the project is completed.

“It seemed right to thank this city, which since 1925 offered inspiration, creativity, aesthetic fervor and culture, a home where our brand has prospered and grown from a Roman fashion house into a global fashion label,” said Pietro Beccari, president and CEO of Fendi.

Lagerfeld said he would make a book of photographs of Rome fountains called “Glory of Water”. Fendi will also be sponsoring the restoration of another four fountains in the city as part of its “Fendi for Fountains” initiative.

The Trevi Fountain is where the late director Federico Fellini set one of the most famous scenes of modern cinema in La Dolce Vita.

Blonde siren Anita Ekberg wades into the fountain after midnight and beckons to Mastroianni, who strides in after her.

That black and white scene etched Mastroianni’s boyish, handsome face, Ekberg’s statuesque body – and the fountain – in the minds of millions.

Fellini and Mastroianni are both dead. Ekberg is still alive and is 81.

Alaska: What to See, What to Skip

As a popular destination on many travelers’ bucket lists, Alaska offers nature, culture and luxury, but it doesn’t have to break the bank. The year 2013, in fact, will be an especially good year to visit America’s 49th state, thanks to added cruise values and extra memorable Northern Lights viewing. And there’s more.

Here are some unique ideas to help maximize your next Alaska adventure.

Look Up, Catch Your Breath

NASA says the Solar Max is due in 2013, providing the best views of the aurora borealis in the past 50 years. Fairbanks, which sits under a unique ring-shaped region of the North Pole, will offer some of the best and most frequent sights. And many hotels will make sure you don’t miss them: They’ll place special wake-up calls to your room as soon as the Northern Lights appear.

See bears, Skip whales

OK, whale watching is a must-do on any Alaskan adventure. But drop anchor on Kodiak Island and venture inland for a special chance to view some of the 3,000 brown bears that call this island home. The Kodiak Brown Bear Center recently opened and allows small groups to venture into unspoiled territory that had been off-limits for almost two decades. Visits require minimum three-night stays (in modern cabins).

Go for the Air Tour, Skip the Land Tour

A floatplane ride or helicopter tour is an essential part to any Alaska vacation. Both can be done as day trips so they fall within a cruise line itinerary. Some helicopter tours include mountain top landings and outdoor activities such as hiking and dog-mushing, the popular Alaska sport using dog sleds. Special to 2013 might be an aerial trek to the peak of Mt. McKinley, North America’s tallest mountains, since this year marks the 100th anniversary of its very first summit; Rust’s Flying Service is introducing a “Pilot for a Day” program, where adventurers are led on six-hour, customizable tours by an experienced Alaska bush pilot. And if you’re an avid skier, seek out a heli-ski operator, which will chopper you direct to classic slalom venues such as Alyeska Resort (45 minutes south of Anchorage) and Tsaina Lodge (near Valdez), which just reopened after a six-year revamp and can get 900 inches of snow a year.

Ride the Sea Cycles, Skip the Kayak

This adventure opportunity is new in 2013: Ketchikan-based and family-owned Alaska Sea Cycle Tours allows tourists to hop on a vessel that looks like a cross between and bike and a boat. It glides like a kayak but is powered by pedals, and it offers a unique way to explore the wildlife, history and culture of Ward Cove and Totem Bight State Park.

Embrace the Canopy, Get Off the Water

For those folks seeking the ultimate Alaska adventure, Alaska Canopy Adventures offers an eco-adventure tour including ziplining through a rainforest, channel-crossing on a speed boat and off-roading on a 4×4 all-terrain vehicle. Available out of Juneau and Ketchikan, these half-day tours feature the largest canopy courses in Alaska and offer an extraordinary sightseeing experience for thrill-seekers.

Ride the Highway, Pass on the Passage

Many cruise itineraries will take you down the iconic Inside Passage. But 2013 might be the year to ride the Alaska Marine Highway, celebrating 50 years of service. This 3,500-mile route connects Bellingham, Washington to Dutch Harbor, Alaska, and is a veritable lifeline to some 30 communities, many of which are not connected by roads. The views are stunning, and with a unique promotion this year — visitors can win travel through a monthly Golden Ticket giveaway — they can also be free.

Take a Seat at the Chef’s Table, Skip the Jerky

Alaskan cuisine at its best just got easier to savor. The popular Alaska Fish House in Ketchikan launched its Chef’s Table for 2013. The nightly four-course menu will change with each catch of the day. If wild salmon, halibut, black cod and Dungeness crab make your mouth water, pull up a seat.

Stay on a Luxury Cruise Liner, Skip the Igloo

Fulfill the fantasy of floating past majestic icebergs, orcas and humpback whales while having the luxurious amenities aboard an Alaskan cruise. Major cruise lines such as Celebrity and Princess are adding more ships and departures to Alaska in 2013 and, with more cabins to fill, we’re expecting extra deals, especially for May and September travel.

Brazil: bar codes on sidewalks give tourist info

  • A two-dimensional bar code, or QR code, as they're known, made from black and white stones covers a sidewalk near the beach in Rio de Janeiro, Brazil, Friday, Jan. 25, 2013. The QR codes are being placed at tourist spots which can be scanned with a mobile device for information about the site. (AP Photo/Silvia Izquierdo)

    Associated Press/Silvia Izquierdo – A two-dimensional bar code, or QR code, as they’re known, made from black and white stones covers a sidewalk near the beach in Rio de Janeiro, Brazil, Friday, Jan. 25, 2013.

RIO DE JANEIRO (AP) — Rio de Janeiro is mixing technology with tradition to provide tourists information about the city by embedding bar codes into the black and white mosaic sidewalks that are a symbol of the city.

The first two-dimensional bar codes, or QR codes, as they’re known, were installed Friday at Arpoador, a massive boulder that rises at the end of Ipanema beach. The image was built into the sidewalk with the same black and white stones that decorate sidewalks around town with mosaics of waves, fish and abstract images.

The launch attracted onlookers, who downloaded an application to their smartphones or tablets and photographed the icon. The app read the code and they were then taken to a web site that gave them information in Portuguese, Spanish or English, and a map of the area.

They learned, for example, that Arpoador gets big waves, making it a hot spot for surfing and giving the 500-meter beach nearby the name of “Praia do Diabo,” or Devil’s Beach. They could also find out that the rock is called Arpoador because fishermen once harpooned whales off the shore.

The city plans to install 30 of these QR codes at beaches, vistas, and historic sites, so Rio’s approximately 2 million foreign visitors can learn about the city as they walk around.

“If you add the number of Brazilian tourists, this tool has a great potential to be useful,” said Marcos Correa Bento, head of the city’s conservation and public works.

Raul Oliveira Neto, a 24-year-old visitor from the Southern Brazilian city of Porto Alegre, was one of the first to use the icon and thought the service fit well with the way people live now.

“We use so much technology to pass information, this makes sense,” he said, noting he’d seen QR codes on tourist sites in Portugal, where they were first used for this purpose. “It’s the way we do things nowadays.”

Locals — used to giving visitors directions — also approved the novelty.

“Look, there’s a little map; it even shows you where we are,” said Diego Fortunato, 25, as he pulled up information.

“Rio doesn’t always have information for those who don’t know the city,” he said. “It’s something the city needs, that it’s been lacking.”

5 free things to do in New Orleans

  • This Jan. 15, 2013 photo shows a ferry boat crossing the Mississippi River from Downtown to Algiers in New Orleans. A boat ride is one of the best ways to get a look at the New Orleans skyline and the Mississippi River's daily parade of river barges, steamships and cruise ships. The Algiers Point ferry, which has been in operation since the early 1800s, is free to pedestrians. (AP Photo/Gerald Herbert)

    Associated Press/Gerald Herbert – This Jan. 15, 2013 photo shows a ferry boat crossing the Mississippi River from Downtown to Algiers in New Orleans. A boat ride is one of the best ways to get a look at the

NEW ORLEANS (AP) — It’s expensive to be a tourist in a town that’s hosting two of the biggest events of the new year — Mardi Gras and the NFL Super Bowl — but New Orleans has plenty of free things to do.

The nearly 300-year-old French city has walkable neighborhoods and scenic public parks dotted with centuries-old oak trees draped in Spanish moss, along with a free ferry and historic market.

MARDI GRAS AND BOURBON STREET

New Orleans is perhaps best-known for hosting one of the biggest free parties in the world: Mardi Gras. The Carnival season includes parades with costumed riders, marching bands and decorated floats, but it only lasts a few weeks. But visitors can get a taste of the madness and revelry of Carnival any time of year on Bourbon Street, the city’s most famous thoroughfare, where scantily-clad women beckon patrons from strip club doorways and beads are flung from balconies to revelers down below year-round. It’s also a hot spot for live music, which spills out onto the street from clubs with doors and windows flung open. Bourbon Street is also the one place where a costume can be flaunted any time of year.

JACKSON SQUARE

Artists painting on canvas, clowns making balloon animals, street performers and jazz musicians are among the free entertainment to be found in Jackson Square, a one-block section of the French Quarter anchored by a lush green space with benches set amid gardens and grand oak trees. The square is bordered by pedestrian-only walkways with restaurants, storefronts and upper-level balconies boasting decorative ironwork. Benches allow visitors to take in the architecture of the square’s historic buildings, including the Cabildo and Pontalba Apartments, believed to be among the oldest apartment buildings in the country.

Visitors are also welcome at St. Louis Cathedral, a place of worship for Catholics since the 1720s. Its towering white facade with three steeples fronts the Mississippi River. Inside are religious mosaics, colorful stained glass and a small gift shop. Masses are held daily and free concerts are held regularly, http://www.jackson-square.com/ and http://stlouiscathedral.org/ .

CITY PARK

City Park is the largest green space in New Orleans with more than 1,300 acres of gardens, lagoons and walking trails set amid centuries-old oak trees draped in Spanish moss and filled with birds, http://neworleanscitypark.com/.

The New Orleans Museum of Art is located in the park, and while there’s a fee to enter the museum, just beyond the museum are dozens of art objects you can see for free in the Sydney and Walda Besthoff Sculpture Garden. The sculptures, valued at more than $25 million, can be viewed in a relaxing setting that includes meandering footpaths, pedestrian bridges and reflecting lagoons. Among the artists represented are Antoine Bourdelle, Gaston Lachaise, Henry Moore, Jacques Lipchitz, Barbara Hepworth and Seymour Lipton.

MISSISSIPPI RIVER FERRY

A boat ride is one of the best ways to get a look at the New Orleans skyline and the Mississippi River’s daily parade of river barges, steamships and cruise ships. The Algiers Point ferry, which has been in operation since the early 1800s, is free to pedestrians. It runs every 30 minutes between the landing at the foot of Canal Street near the Aquarium of the Americas and the historic Algiers Point neighborhood directly across the river from the French Quarter.

Algiers Point, established in 1719, boasts a trove of historic Victorian-style homes, magnolia tree-lined streets with several parks, cafes, historic churches and bars with live music. But perhaps its best feature is its unobstructed view of the city skyline and river traffic, from enormous cargo vessels to the city’s iconic Natchez paddlewheel boat. Visitors can also enjoy a free self-guided tour of the Algiers Point neighborhood with the help of an online brochure from the Algiers Historical Society, http://www.algiershistoricalsociety.org/walking-tours.html .

FRENCH MARKET

The smell of sweet pralines and freshly-brewed coffee wafts through the air of the New Orleans French Market. The centuries-old commercial hub stretches for several city blocks along the banks of the Mississippi River in the French Quarter and includes Cafe du Monde, home of the deep-fried, sugar-coated beignet, a popular New Orleans pastry. The market is a mix of open-air retail spaces dotted with produce stands and enclosed stores carrying specialty clothing and jewelry. It’s an ideal destination for window-shopping and people-watching.

Visitors can watch candy-makers mix up batches of pralines, a New Orleans treat made with brown sugar and pecans, or stop by an open-air flea market where eye-catching jewelry, accessories and handmade crafts are sold. Newer vendor spaces have ceiling fans and full kitchens where cooks prepare meals using fresh Louisiana produce and seafood. The French Market dates to 1791 and was originally the site of a Native American trading post. European immigrants traded there, as did African-Americans selling coffee, pralines and calas, a rice fritter popular in 19th century New Orleans. Choctaw Indians from north of Lake Pontchartrain sold herbs, spices and handmade crafts. Many such items are sold in the market today, http://www.frenchmarket.org/ .

NBA-Knicks unseat Lakers as NBA’s most valuable team-Forbes

Jan 23 (Reuters) – The New York Knicks are the National Basketball Association’s (NBA) most valuable team, worth over $1 billion, according to a Forbes poll released on Wednesday that showed the average team value rose 30 percent over the last year.

The average NBA team’s value is now $509 million, a rise Forbes said was driven by higher television revenue, new and renovated arenas and the league’s new collective bargaining agreement.

The Knicks reclaimed top spot in the annual poll from the Los Angeles Lakers with a value of $1.1 billion, a 41 percent jump from last year, due mainly to a $980 million renovation of Madison Square Garden that will be completed later this year.

The Lakers, who had the league’s highest payroll last season that triggered a $12.6 million luxury tax bill, were second with a value of $1 billion, up 11 percent from last year.

The Knicks and Lakers are the first NBA teams to be valued at $1 billion or above.

Rounding out the top five were the Chicago Bulls ($800 million), Boston Celtics ($730 million) and Dallas Mavericks ($685 million).

The value of the reigning NBA champion Miami Heat rose 37 percent to $625 million, putting them sixth among the league’s 30 teams. (Reporting by Frank Pingue in Toronto; Editing by Julian Linden)

First Art Gallery in the Sky Launched

While you’re sitting in coach, trying to save your knees from being crushed and fighting over the arm rest, passengers in Virgin Atlantic’s Upper Class between New York and London will be deciding which piece of art to buy from renowned British street artist Ben Eine.

The paintings, billed as “street art” and priced from $4,000 – $24,000, are available to view in person in the airline’s clubhouses in New York’s JFK, Newark airport and London Heathrow. Passengers can then purchase Eine’s works at 35,000 feet via the airline’s in-flight entertainment system. Special videos on the making of the artworks will be featured on the in-flight entertainment system.

Ten works are available for purchase.

To create the Gallery in the Air, the airline said, Eine called upon his own experiences on Virgin Atlantic, his perspective on New York and London, and research on the airline’s founder, Sir Richard Branson.

“My philosophy through all my work, be it on canvas or on the street, is about pushing boundaries and not going with the flow because everyone else is doing something a certain way,” said Eine. “I respect Virgin Atlantic’s brave and challenging attitude and the way they go against the grain, so I jumped at the chance to be part of the first ever Gallery in the Air. We have created a completely original way of appreciating and buying art – a new frontier for the industry.”

The Gallery in the Air is the latest luxury added for Virgin Atlantic’s Upper Class passengers. Last year, the airline employed a ” whispering coach” to instruct the crew, “coaching on the tone, volume and sentiment cabin crew should use whilst talking to Upper Class passengers,” the airline said.

Upper Class passengers also get to have a drink with Branson in the form of an ice cube. “Little Richard” ice cubes were created using the exact measurements of Branson’s head.

Gaultier gives Paris fashion Gypsies, Valentino goes Renaissance

  • A model presents a creation by French designer Jean Paul Gaultier as part of his Haute Couture Spring-Summer 2013 fashion show in Paris January 23, 2013. REUTERS/Benoit Tessier

    Reuters/Reuters – A model presents a creation by French designer Jean Paul Gaultier as part of his Haute Couture Spring-Summer 2013 fashion show in Paris January 23, 2013. REUTERS/Benoit Tessier

PARIS (Reuters) – Jean Paul Gaultier chose swirling translucent veils, the sound of sitars, and the insouciance of Gypsy culture for his haute couture show on Tuesday, while Valentino opted for an ethereal yet decorative look that evoked the bloom of the Renaissance.

The Spring 2013 collections presented on Wednesday by the two design houses, one French and one Italian, found inspiration from different epochs and parts of the globe, pointing to the diversity seen during Paris Fashion Week, the creme de la creme of the global fashion industry.

Gaultier, often labeled the bad boy of French fashion, turned eastward to India for inspiration, transporting his audience to Rajasthan, with sinewy models sporting oversized earrings and billowy veils in periwinkle, tangerine and pink.

Valentino – under new owners the Qatari royal family and with the designing duo of Maria Grazie Chiuri and Pierpaolo Piccioli at the helm – presented a more sober but no less theatrical vision. Gowns that a 15th century queen would have been proud of featured patterns that brought to mind iron grillwork in a formal garden.

This range of options for women willing to shell out thousands of dollars for a made-to-order haute couture outfit help prop up the global women’s luxury apparel market, estimated at 27 billion euros ($35 billion) and growing, according to consultancy Bain & Company.

Only a small number of houses such as Christian Dior, Chanel and Giorgio Armani are allowed to exhibit haute couture in Paris, where manufacturing is carefully regulated and work must be sewn by hand in order to be considered haute couture.

At Gaultier, majority owned by Spanish family luxury group Puig, some expected an elephant as the grand finale, but instead a delightful Mother Goose moment saw an elaborately decorated bride flipping up her voluminous skirt to reveal four little children who scampered down the runway to applause.

Backstage, Gaultier said it was not the first time he had been influenced by India, but this time he evoked the Gypsies, a migratory people whose centuries-old ancestral home is India.

“It’s glimmering, it’s incredible the colors that you see, it’s superb,” he told reporters, speaking of Rajasthan. “I tried to recreate a bit of that, but more the Gypsy side, rather than the Maharaja side. It’s more like couture Gypsies.”

The audience – which included French film star Catherine Deneuve and actress Rossy de Palma, a muse of Spanish director Pedro Almodovar – began furiously snapping photos at the appearance of a black form-fitting gown with an exposed brassiere whose diaphanous hot pink veil added a jolt of color.

Bold stripes, tight pleating and even fringe figured prominently in the collection, where a dose of colorful patchwork offered a fresh, devil-may-care attitude.

Gaultier said the patchwork was hard to recreate, but offered a fashion tip to anyone with scissors.

“In the time of economic crisis, those who are game, take your old clothes, cut them up and make patchwork! It’s a new outfit!”

BORROWED FROM BOTTICELLI

The liner notes for Valentino’s collection described it as “sublime art” and indeed, many of the looks could have been stolen from a Botticelli painting.

With founder Valentino Garavani, who retired in 2008, in the front row, guests admired the parade of ivory, black and carnal red dresses, where heavy embroidery reminiscent of armor nevertheless imparted a light, evanescent feel.

“We think that beauty lies in the armor, in the proportion,” Piccioli told Reuters. “That comes from the Renaissance, the proportion of Italian master paintings.”

Silk piping wove its way across a translucent black cape covering a diaphanous white gown, the cape’s swirls and geometric patterns evoking the ornamental gates to a garden.

High necklines and tight long sleeves evoked the gowns one sees adorning the marble tombs of many a deceased Renaissance-era queen, but Chiuri and Piccioli’s work never felt old.

The decorative swirling pattern on some dresses evoked tapestries, while the sharp horizontal bodices of others recalled the Elizabethan-era.

Despite the many references to centuries gone by, the collection felt fresh and elegant. Backstage, a note to models summed up what the designers hoped to communicate: “You are all beautiful. Be Light. Be Delicate.”

In an October 15 report, Bain forecast the worldwide luxury industry would bring in estimated revenues of 212 billion euros ($281.56 billion) in 2012, of which women’s apparel would be a 27 billion euro slice.

Knicks unseat Lakers as NBA’s most valuable team: Forbes

(Reuters) – The New York Knicks are the National Basketball Association’s (NBA) most valuable team, worth over $1 billion, according to a Forbes poll released on Wednesday that showed the average team value rose 30 percent over the last year.

The average NBA team’s value is now $509 million, a rise Forbes said was driven by higher television revenue, new and renovated arenas and the league’s new collective bargaining agreement.

The Knicks reclaimed top spot in the annual poll from the Los Angeles Lakers with a value of $1.1 billion, a 41 percent jump from last year, due mainly to a $980 million renovation of Madison Square Garden that will be completed later this year.

The Lakers, who had the league’s highest payroll last season that triggered a $12.6 million luxury tax bill, were second with a value of $1 billion, up 11 percent from last year.

The Knicks and Lakers are the first NBA teams to be valued at $1 billion or above.

Rounding out the top five were the Chicago Bulls ($800 million), Boston Celtics ($730 million) and Dallas Mavericks ($685 million).

The value of the reigning NBA champion Miami Heat rose 37 percent to $625 million, putting them sixth among the league’s 30 teams.