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Wednesday, April 16, 2008

Forbes: Yankees worth $1.3 billion

NEW YORK (AP)—The New York Yankees’ value increased to $1.306 billion over the past year, according to the annual estimates by Forbes magazine, a rise of 9 percent over the past year.
The New York Mets were second at $824 million and the Boston Red Sox third at $816 million, the magazine said Wednesday. After that, there was a big gap to the Los Angeles Dodgers ($694 million) and the Chicago Cubs ($642 million).

The Yankees were listed by Forbes as having $327 million in revenue last year and a $47.3 million operating loss, up from a $25.2 million loss on revenue of $302 million the previous year. Forbes’ revenue figure is after deducting revenue sharing payments, which the Yankees estimate at about $92 million. The team also paid approximately $24 million in luxury tax, which is reflected in the operating loss.

The Mets had an operating profit of $32.9 million, according to Forbes. Boston, according to Forbes, had a $19.1 million operating loss.

Both New York teams are planning to move into new ballparks in 2009, which should significantly increase their revenues.

At the bottom, the three teams with the lowest values were Florida ($256 million), Tampa Bay ($290 million) and Pittsburgh ($292 million). Forbes estimated the Marlins had an operating profit of $35.6 million, the Rays $29.7 million and the Pirates $17.6 million.

Washington had the highest estimated operating profit at $43.7 million. Forbes said the average operating profit in the majors was $16 million.

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