Matt Louv 4 p.m., April 25
Padres worth $600 million; Yanks $2.3 billion
Padres 18th in Major League Baseball valuation, says Forbes
Forbes magazine today (March 27) published its annual compilation of the valuation of Major League Baseball teams. The top four teams were the NY Yankees, $2.3 billion; LA Dodgers $1.62 billion; Boston Red Sox $1.3 billion and Chicago Cubs $1 billion. Notice that three of the top four play in old ballparks. Hmm. (The Cubs are trying to squeeze impecunious Chicago and Illinois for rehabilitation funds for Wrigley Field, built in 1914, despite the team's perennially awful performance on the field.)
The Padres are worth $600 million, says Forbes. But Forbes excluded teams' ownership positions in local TV deals in calculating teams' worth. Says Forbes, "The San Diego Padres were sold to a group headed by the O'Malley family last year for $800 million; $200 million of the purchase price was for the team's 21% stake in its new Fox Sports San Diego. We value the Padres at $600 million." The $600 million valuation puts the team 18th out of 30 teams. The Padres had revenues of $189 million last year, says Forbes. The Dodgers were at $245 million and the Cubs $274 million. The Tampa Bay Rays, with the lowest valuation of $451 million, had revenue of $167 million last year.