NEW YORK (AP) — Forbes’ annual report finds the average value of Major League Baseball teams has increased 7 percent from last year to an all-time high of $523 million.
The New York Yankees, worth $1.7 billion, lead the way for the 14th straight year since Forbes began valuing franchises in 1998.
The Boston Red Sox were second at $912 million in the report released Wednesday. The Los Angeles Dodgers, Chicago Cubs and Mets round out the top five.
Only three teams’ values didn’t increase: the New York Mets, San Diego Padres and Cleveland Indians.
The Texas Rangers’ value increased 25 percent as new ownership took over the franchise and it reached its first World Series.
The Mets lost 13 percent of their value amid legal and debt problems.
(Copyright 2011 by The Associated Press. All Rights Reserved.)