KEY POINTS
- The New York Yankees are the most valuable MLB franchise.
- The Oakland A’s increased in value more than any team.
- The Larry H. Miller Company is pursing an expansion club for Salt Lake City.
The New York Yankees started the 2025 season with a bang, bashing 15 home runs in their opening weekend series against the Milwaukee Brewers and stirring controversy over the “torpedo” bat.
Whether that pace continues over the course of a 162-game season remains to be seen. But there’s no argument that the Bronx Bombers score big off the field, too, ranking as the most valuable franchise in Major League Baseball.
Forbes valued the Yankees at $8.2 billion in its 2025 MLB team valuations, the first time a baseball team has surpassed the $8 billion mark, joining three NFL teams and one NBA team. New York has topped the baseball rankings since Forbes began publishing the list in 1998.
The Los Angeles Dodgers are the second-most valuable team for the 14th year in a row. Now worth $6.8 billion — a 25% jump over last year — the defending World Series champions are among the 10 most valuable teams in the world from any sport, per Forbes.
Overall, MLB clubs are worth a record $2.6 billion on average, up 8% over 2024.
The Florida teams have the lowest valuations in the league, with the Tampa Bay Rays at $1.25 billion and Miami Marlins at $1.05 billion. Forbes noted that Tampa Bay is one of four teams whose value remained flat year over year.
Relocation or expansion on the horizon?
The Rays are in flux after Hurricane Milton shredded the roof of Tropicana Field in St. Petersburg, forcing the team to play at a minor league park this season. On top of that, the team pulled out of a deal with the city and Pinellas County to build a new stadium.
MLB commissioner Rob Manfred has said Tampa Bay must find a permanent solution for a ballpark before the league would consider expansion. There also is reportedly pressure on Rays’ owner Stuart Stenberg to sell the club, raising the possibility of relocation if ownership changes hands, with several cities, including Salt Lake City, looking to bring baseball to their markets.
The Larry H. Miller Company threw Utah into the possible expansion mix three years ago, backed by a coalition of prominent politicians, business and community leaders, and former pro athletes. The company is moving forward with a $3.5 billion mixed-use development, which includes plans for a major league stadium, on Salt Lake City’s west side.
CBS Sports reported that Hall of Famer Barry Larkin recently joined the Orlando Dreamers, a group trying to lure a franchise to Orlando. In addition to a potential expansion franchise, the Dreamers have also previously expressed interest in bringing the Rays to Orlando.
The Orlando group is one of several seeking a big league franchise. Others include the Portland Diamond Project in Portland, Oregon; Big League Utah in Salt Lake City; and Music City Baseball in Nashville.
How much does an MLB team cost?
Whether it’s expansion or relocation, a major league franchise will come with a hefty price tag given the rising team values.
In 2021, Manfred said an expansion fee could be in the $2.2 billion range, which aligned closely with the average MLB team value at the time. That could be higher now that team valuations have increased.
Moving a team to a new market also comes with a cost on top of the purchase price. MLB typically charges a relocation fee. For the Oakland A’s pending move to Las Vegas, the league assessed but waived an estimated $300 million relocation fee.
While the Miller Company aims to bring an MLB team to Salt Lake City, it has reportedly taken an interest in buying Real Salt Lake and the Utah Royals. Sportico reported last week that the company is “nearing a deal” to purchase controlling stakes in the MLS and NWSL teams from David Blitzer.
Blitzer bought RSL in 2022 for $400 million. The package included the RSL affiliate Real Monarchs, America First Field in Sandy and the Zions Bank Training Center and Zions Bank Stadium in Herriman, per Sportico.
Smith Entertainment Group’s Ryan Smith and Arctos Partners are minority owners of the soccer teams. Smith bought the Utah Jazz from the Miller family in 2020 for a reported $1.66 billion.
How that possible acquisition impacts the Miller Company’s pursuit of an MLB club is unclear. The company declined to comment on the reported negotiations with RSL.
Oakland A’s moving on up
The Miller Company pitched the A’s on temporarily moving to a new minor league stadium it built for the Triple A Salt Lake Bees south of Salt Lake City. In addition to giving the A’s a place to play until the Las Vegas stadium opens, it would serve as a showcase for Utah’s ability to sustain an MLB club. The A’s ultimately settled on a Triple A ballpark in West Sacramento as an interim home.
Forbes noted that the A’s had the largest increase in valuation, jumping 50% to $1.8 billion even as they play in a minor league stadium over the next three years.
“Many around the sport have high hopes for the Athletics’ eventual move to Las Vegas and the plan for a new stadium there, but after a miserable end to their 57-year run in Oakland, even the stopgap situation isn’t looking so bad, with the team’s season-ticket base having grown significantly since last year,” according to Forbes.
5 most valuable MLB teams, per Forbes:
New York Yankees — $8.2 billion
Los Angeles Dodgers — $6.8 billion
Boston Red Sox — $4.8 billion
Chicago Cubs — $4.6 billion
San Francisco Giants — $4 billion
5 least valuable MLB teams, per Forbes:
Miami Marlins — $1.05 billion
Tampa Bay Rays — $1.25 billion
Kansas City Royals — $1.3 billion
Cincinnati Reds — $1.325 billion
Pittsburgh Pirates — $1.35 billion
