NEW YORK (CBS/AP) – The San Francisco Giants have surged in value more than any other Major League Baseball team over the last twelve months, according to a new report from Forbes.
With a valuation of $1 billion, the ranks fifth overall. The other members of baseball’s elite should come as no surprise. Forbes ranks the New York Yankees as baseball’s most valuable team for the 17th straight year.
Forbes said Wednesday it estimates the Yankees are worth $2.5 billion, up 9 percent from last year. The Dodgers are next at $2 billion, a 24 percent hike and matching their actual sale price in 2012. Boston was third at $1.5 billion, followed by the Chicago Cubs ($1.2 billion), Giants and Philadelphia ($975 million).
At the bottom were the Tampa Bay Rays ($485 million), Kansas City ($490 million) and Miami ($500 million). They’re joined by the Oakland A’s ($495 million). But this team is still doing just fine in the revenue department, with an operating income of 27.4 million.
“The Athletics play in one of the most antiquated ballparks in baseball and are profitable only because of the league’s revenue-sharing system,” claims Forbes.
Major League Baseball’s average team value rose 9 percent to $811 million. Forbes says values rose primarily because of increased media rights fees.