The Hawks have more than doubled in value since the group led by Tony Ressler bought the team five years ago.

That's based on Forbes' annual estimate of NBA franchise valuations, released Tuesday.

The Hawks are now worth $1.52 billion, according to the study -- up 17% from the $1.3 billion estimated by Forbes a year ago and up 108% from the $730 million price paid by Ressler’s group in 2015.

The increase has been driven in part by the renovation of State Farm Arena and rising league-wide revenue.

>> FLASHBACK: Ressler's purchase of the Hawks

Still, the Hawks rank only 23rd among the 30 NBA teams in valuation, according to Forbes. League-wide, teams increased 14% in value in the past year to an average of $2.12 billion.

The study calculated that three teams are worth more than $4 billion – the New York Knicks ($4.63 billion), Los Angeles Lakers ($4.4 billion) and Golden State Warriors ($4.3 billion).

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Trae Young, of the Atlanta Hawks, speaks to media during the NBA All-Star game media day, Saturday, Feb. 15, 2025, in Oakland, Calif. (AP Photo/Godofredo A. Vásquez)

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Laurence Walker, a volunteer with the Cajun Navy Relief, left, takes two volunteers out on his boat on Lake Oconee to search for Gary Jones, Tuesday, February, 18, 2024, in Eatonton, Ga. The Putnam County sheriff is investigating and searching after Spelman College instructor Joycelyn Nicole Wilson and an Atlanta private school coach Gary Jones went missing on Lake Oconee over a week ago, Saturday Feb. 8th. The body of Wilson was found Sunday, Feb. 9th and Jones has not been found. (Jason Getz / AJC)

Credit: Jason Getz / Jason.Getz@ajc.com