Forbes: Yankees hit $5B threshold as MLB team values soar ahead of COVID-19 pandemic
MLB teams are rightfully worried about revenue with the uncertainty surrounding the upcoming season amid the COVID-19 pandemic.
But the financial news for now is almost all good.
New York Yankees now worth $5 billion
Forbes released its annual MLB team valuation report on Thursday, with the New York Yankees leading the way and hitting a new milestone. The Yankees gained 9 percent in value since last year and are now worth $5 billion, according to the report. Late owner George Steinbrenner paid $8.8 million for the Yankees in 1973.
That leaves the Yankees trailing only the Dallas Cowboys ($5.5 billion) among the world’s most valuable sports franchises, per Forbes estimates.
The World Series champion Washington Nationals also saw 9 percent growth to $1.9 billion, as did the Baltimore Orioles ($1.4 billion), proving that teams don’t need to be good to make money.
In total, 23 MLB teams grew in value last season, while the Arizona Diamondbacks ($1.29 billion), Detroit Tigers ($1.25 billion), Cleveland Indians ($1.15 billion), Oakland Athletics ($1.1 billion) and Kansas City Royals ($1.025 billion) remained flat.
Marlins, Pirates are only financial losers
Only the Pittsburgh Pirates ($1.26 billion, down 1 percent) and the Miami Marlins ($980 million, down 2 percent), showed declines in value, per the report. The Marlins are the only team not valued at more than $1 billion.
The Los Angeles Dodgers ($3.4 billion, 3 percent growth), Boston Red Sox ($3.3 billion, 3 percent growth), Chicago Cubs ($3.2 billion, 3 percent growth) and San Francisco Giants ($3.1 billion, 3 percent growth) round out the five most valuable teams behind the Yankees.
What does this mean for COVID-19 uncertainty?
In total, MLB generated $10.5 billion in revenue last season, with $5.3 billion of that coming from regional and national TV rights, according to Forbes. Gate receipts accounted for $3.2 billion, putting into perspective MLB’s financial concerns about playing games amid the COVID-19 pandemic.
It explains why MLB is leaving no ideas off the table — including playing an entire quarantined season in Arizona with players separated from their families — as it desperately seeks to salvage its season.
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