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Despite uncertainty about the future of local television revenue, two teams playing home games in minor-league stadiums this year, and perpetual calls for a salary cap from the ownership ranks, business is booming for Major League Baseball. The league posted a record $12.1 billion in revenue in 2024 and franchise valuations are up 8%, according to Forbes estimates released Wednesday.

Furthermore, baseball has its first $8 billion team valuation. The New York Yankees, who have sat atop the Forbes rankings since they were first published in 1998, have an estimated $8.2 billion valuation going into the 2025 season. Here are the sport's most valuable franchises per Forbes' estimates:

  1. New York Yankees: $8.2 billion
  2. Los Angeles Dodgers: $6.8 billion
  3. Boston Red Sox: $4.8 billion
  4. Chicago Cubs: $4.6 billion
  5. San Francisco Giants: $4 billion

The Athletics, who left Oakland for Sacramento and intend to move to Las Vegas in 2028 or 2029, saw their franchise valuation increase 50% year over year, to $1.8 billion. The Miami Marlins are last among the 30 teams with a $1.05 billion valuation, up 5% from last year's estimate. The average MLB franchise is valued at $2.6 billion this year. 

Although the valuations keep climbing, there is some cause for some concern. From Forbes: 

Still, while MLB team values continue to rise—to a record average of $2.6 billion, up 8% from 2024—there are some reasons for concern. Four clubs are flat year-over-year—the St. Louis Cardinals, Seattle Mariners, Colorado Rockies and Tampa Bay Rays—and the Chicago White Sox actually declined 2%, to $2 billion.

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Baseball's growth is similarly starting to lag behind those other sports'. Over the last five years, NFL teams have appreciated 87% on average, to $5.7 billion, and NBA teams have soared 101%, to $4.4 billion. In the same period, MLB clubs are up 36%.

The Minnesota Twins are valued at $1.5 billion. The Pohlad family, which owns the Twins, recently rejected a $1.5 billion bid for the team, reports The Athletic. The $1.5 billion offer was considered a non-starter and the Pohlads are seeking at least $1.7 billion in a sale. The Baltimore Orioles, now valued at $1.9 billion, were sold for $1.75 billion last year.

Forbes' franchise valuations are only estimates and are not the same thing as expected sale price, and definitely aren't the same thing as cash on hand. The valuations are estimated using "enterprise values (equity plus net debt) based on historical transactions and the future economics of the sport and each team."

A total of 14 teams have been impacted by the bankruptcy of Diamond Sports Group, which operated the Bally Sports regional networks. MLB took over game broadcasts for some teams and others launched their own direct-to-consumer streaming service.