Wednesday, April 7, 2010
Yankees worth $1.6 billion
NEW YORK -- The New York Yankees are worth nearly twice as much as any other team in baseball, according to the annual estimates by Forbes magazine.
The Yankees were valued at $1.6 billion, Forbes said Wednesday, up 7 percent from a $1.5 billion value last year. The magazine said the team had $441 million in net revenue in the first season at its new ballpark after paying to baseball's revenue sharing program and financing the stadium.
The Boston Red Sox were next, going up 4 percent to $870 million and was followed by the New York Mets, who dropped 6 percent to $858 million following a 70-92 record in their first season at Citi Field. Forbes projected the Mets' stadium revenue will decline by $20 million this year.
The Los Angeles Dodgers, caught in divorce proceedings of owners Frank and Jamie McCourt, were fourth with a 1 percent increase to $727 million, $1 million more than the Chicago Cubs under new owner Tom Ricketts.
Florida, which moves into a new ballpark in 2012, had the largest percentage rise, increasing 15 percent to $317 million. Minnesota had a 14 percent jump to $405 million following its move this year to Target Field.
Pittsburgh was last at $289 million, just below Oakland, which dropped 8 percent to $295 million. The average worth was up 2 percent to $491 million.
Florida, at $144 million, and Pittsburgh at $145 million were estimated to have the lowest net revenue.
The Marlins had the highest operating profit, Forbes said, at $46.1 million, followed by Boston at $40 million. The only teams were operating losses were Detroit at $29.5 million and Arizona at $600,000.
Forbes estimated the 30 teams combined for record operating income of $522 million before interest, taxes, depreciation and amortization, an average of $17.4 million per team.
Texas, in the process of being sold from Tom Hicks to Chuck Greenberg, had the highest estimated debt-to-value ratio, 105 percent, followed by the Yankees (89 percent), Mets (81 percent) and Cubs (80 percent). Minnesota and Toronto were listed with no debt.