10/07/2014 02:10 EDT | Updated 12/07/2014 05:59 EST

LeBron James estimated by Forbes to overtake Tiger Woods in brand value

NEW YORK, N.Y. - Forbes estimates LeBron James has replaced Tiger Woods as the athlete with the top brand value.

The magazine said Tuesday the brand of the Cleveland Cavaliers star is worth $37 million the amount his endorsement and nonbasketball earnings exceed the average of the NBA's top 10. Woods had topped athletes on Forbes' Fab 40 list each year since 2007.

Nike is estimated to be the most valuable sports business brand, with its worth pegged at $19 billion. Forbes said the value of the name increases Nike's worth from $52 billion to $71 billion.

Forbes estimates the Super Bowl has the top event brand value at $500 million. The New York Yankees have the most valuable team brand at $521 million, which Forbes says is about one-fifth of the team's enterprise value.