Forbes came out today with a listing of baseball’s richest franchises. Not surprisingly the Yankees are on top. What is surprisingly is that in the face of the current economic climate, the Yankees actually rose in value thanks to YES and their new Stadium.
(graph from Biz of Baseball)
The Yankees draw in $375 million in operating revenue, and while their net income is in the red at -$3.7 million, the Yankees are profitable due to the rest of their holdings.
Forbes’ writers Michael K. Ozanian and Kurt Badenhausen break down the Yanks’ net negative income:
The new stadium also means the Yankees will have to hand over a lower percentage of their revenue to rivals. Yes, the team’s stadium revenue–tickets, suites, advertising, concessions–is likely to go up by more than $100 million this season.
In the new stadium the Yankees’ deductible expenses will be around $100 million, enough to wipe out the windfall in revenue.
The Forbes article says that Marlins’ owner Jeffrey Loria has received more money in revenue sharing payments than he had to pay out to buy the team.
Basically, Loria has gotten the team for free now after paying $143 million for them more than seven years ago.