The team nickname was derived from Knickerbockers, a term that traces back to the Dutch settlers to what is now New York in the 1600s, which refers to the style of pants the settlers wore, that rolled up just below the knee. The franchise, according Forbes magazine, is the most valuable basketball franchise in the United States valued at approximately $608 million. It is the first team to have a non-Caucasian player on their roster when Wataru Misaka of Japan joined the team in 1947. It also has the first African-American player to be given a contract in 1950 through Nat Clifton. Their logo is a three-dimensional Knicks script written in orange with a blue outline with an orange basketball on a silver triangle with a blue outline. The teams' alternate logo design is a circular emblem, with the letters NYK, designed to look like a subway token. The team's official colors are blue orange and black.