NEW YORK (CBSNewYork) — Neither the Mets nor the Yankees made the playoffs this season, but there’s one thing that they can celebrate together: They’re both worth a lot of money.
According to Bloomberg News, the Yankees are the most valuable team in Major League Baseball. The franchise is valued at approximately $3.3 billion, which is about four times the revenue that it brings in annually.
“The Yankees are as successful as you can possibly be,” Lee Berke, a sports media consultant, told Bloomberg News. “It’s the culmination of a perfect storm coming together: the nation’s No. 1 market, professional sports’ most successful team and tremendously savvy and aggressive ownership.”
The Mets, meanwhile, who have been reported to be in serious financial trouble over the last several years, came in at No. 4 ($2.05 billion), according to the website.
The franchise has a 65 percent stake in SportsNet New York, the network that airs its games and its pregame and postgame coverage throughout the season. New York’s stake in SNY is valued at nearly $1.2 billion, Bloomberg News reported.
“The equity value of SNY is zero, since the owners use it to cover $75 million a year in Mets losses,” Joseph Ravitch, a former partner at Goldman Sachs, told the website.
In all, the report shows that 10 major league clubs are valued at over $1 billion.
Below are the 10 most valuable teams in baseball and how much they’re worth (in billions), as reported by Bloomberg News.
1. Yankees: $3.280
2. Dodgers: $2.100
3. Red Sox: $2.060
4. Mets: $2.050
5. Cubs: $1.320
6. Giants: $1.230
7. Orioles: $1.120
8. Angels: $1.090
9. Phillies: $1.040
10. Rangers: $1.010
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