PORTLAND, Ore — The value of NBA franchises is soaring and the Portland Trail Blazers are now worth $1.85 billion, according to Forbes. The magazine's annual report shows the Blazers went up from $1.6 billion a year ago.

Forbes reports that the NBA is seeing an increase in the value of teams -- outpacing the National Football League and Major League Baseball. The average NBA team is worth $2.12 billion and that's up 14% from a year ago. The NBA can credit a new media rights deals and strong international growth.

Click here to see the value of every NBA team

In 2019, there were two major transactions involving NBA teams. The co-founder of Alibaba agreed to buy the Brooklyn Nets and Barclays Center for $2.35 billion, and Michael Jordan sold a 20% stake in the Charlotte Hornets with the team value at $1.5 billion.

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Many Blazers fans wondered what would happen to the team when Paul Allen died in 2018. He bought the Blazers for $70 million in 1988 and since his death, his sister, Jody Allen, has taken over his estate. Jody has been seen at Blazers games and when the team extended the contract of GM Neil Olshey he said he was honored to continue his tenure under her leadership.