Friday, April 21, 2006
Yankees first team to top $1 billion in Forbes valuation
NEW YORK -- Major League Baseball objected to Forbes
magazine's financial analysis of the industry, which said 25 of the
30 teams had operating profits last year.
"Forbes has never had access to financial information from
major league baseball or the individual clubs," Rob Manfred,
baseball's executive vice president of labor relations, said in a
statement Friday. "The estimates published in the current issue of
the magazine materially misstate the financial performance of the
industry as a whole and of the individual clubs."
In its May 8 issue, which was released Thursday, Forbes said the
only teams with estimated operating losses in 2005 were the New
York Yankees ($50 million), Boston Red Sox ($18.5 million), New
York Mets ($16.1 million), Florida Marlins ($11.9 million) and Los
Angeles Angels ($2.6 million). Forbes also estimated each team's
revenue and debt, and gave its figures for estimated franchise
"They make these numbers up," Manfred said in a telephone
interview with The Associated Press. "However close and lucky they
may get in aggregate, there are individual instances that
materially misstate the situations. From our perspective, we just
think it's important that people understand and realize these are
not in real in any sense of the word."
Forbes spokeswoman Megan Womack responded: "We stand by the