- Forbes’ annual list of Major League Baseball team values has the New York Yankees in the top spot at $8.2 billion. It’s the first time an MLB team has cracked the $8 billion milestone.
- Market size and broadcast television rights are some of the main factors in each team’s valuation.
- The Miami Marlins are at the bottom of the list with a value of $1.05 billion. Despite losing 100 games, they still made an estimated profit of $38 million last year.
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As Major League Baseball prepares for Thursday’s Opening Day, the annual Forbes list of team values has been published. For the 28th consecutive season, the New York Yankees are the top team on the list, at $8.2 billion.
It’s the first time any MLB team has passed the $8 billion mark. The Yankees far outpaced the second-place Los Angeles Dodgers at $6.8 billion. That came despite the Dodgers reaping the rewards of revenue-producing superstar Shohei Ohtani in his first season with the club. The rankings also consider the Yankees’ loss to the Dodgers in the 2024 World Series.
Forbes’ top ten represents most of the nation’s biggest media markets. Attendance, merchandise sales, television rights, real estate values and team payroll all affect the bottom line.
Forbes 2025 list of MLB team values, who’s in the Top 10?
New York Yankees: $8.2 billion
Los Angeles Dodgers: $6.8 billion
Boston Red Sox: $4.8 billion
Chicago Cubs: $4.6 billion
San Francisco Giants: $4 billion
New York Mets: $3.2 billion
Philadelphia Phillies: $3.1 billion
Atlanta Braves: $3 billion
Houston Astros: $2.8 billion
Los Angeles Angels: $2.75 billion
The New York Mets, which are 6th on the Forbes list, are owned by Steve Cohen. He has the highest personal worth of any baseball owner at over $20 billion. Last month, during a spring training media session, he had this to say about the crosstown Yanks.
“I mean, they’ve built a great business over there with revenues that are significantly above almost any other team, and that gives them the ability to do things that perhaps other teams can’t do, and so kudos to them. I mean, they built a great organization,” Cohen said.
Why are these teams in the middle of the pack?
St. Louis Cardinals: $2.55 billion
Texas Rangers: $2.45 billion
Seattle Mariners: $2.2 billion
Toronto Blue Jays: $2.15 billion
Washington Nationals: $2.1 billion
Chicago White Sox: $2 billion
San Diego Padres: $1.95 billion
Baltimore Orioles: $1.9 billion
(Sacramento) A’s: $1.8 billion
Milwaukee Brewers: $1.7 billion
Revenue is a major factor, especially from local television rights. The Yankees own and run the YES Network, while many of the teams in the middle of the Forbes list, like the Mariners, Padres, Brewers and the now Sacramento A’s, are struggling with cable television cord-cutters and even losing their broadcast partners altogether. The 2023 bankruptcy of Diamond Sports Group, which broadcasts games for more than a dozen teams, continues to impact those teams’ bottom line.
The Chicago White Sox are one example of a team that proves winning doesn’t define its worth. They’ve lost over 100 games the last two seasons, a record 121 last year, but at $2 billion, they’re in the middle of Forbes’ list. That’s because they play in the third largest media market in the country, have a payroll in the middle of the pack and have the stability of broadcasting their games on the newly launched Chicago Sports Network.
Which teams rank in the bottom 10?
Arizona Diamondbacks: $1.6 billion
Detroit Tigers: $1.55 billion
Minnesota Twins: $1.5 billion
Colorado Rockies: $1.475 billion
Cleveland Guardians: $1.4 billion
Pittsburgh Pirates: $1.35 billion
Cincinnati Reds: $1.325 billion
Kansas City Royals: $1.3 billion
Tampa Bay Rays: $1.25 billion
Miami Marlins: $1.05 billion
The gap between the “haves” and the “have nots” in Major League Baseball is growing. The luxury tax revenue paid by the top teams with big payrolls is struggling to keep pace. Those taxes are redistributed to teams in smaller markets like the Minnesota Twins, Pittsburgh Pirates and Tampa Bay Rays. Those teams are all in the bottom 10 on the Forbes list.
The Miami Marlins are last on the list and an exception to the “big market is better” rule. However, they actually made an estimated $38 million profit last year despite losing 100 games and drawing just over one million fans to LoanDepot Park.