March 27, 2013 / 6:00 PM / 5 years ago

Yankees extend reign as MLB's most valuable team: Forbes

(Reuters) - The New York Yankees are Major League Baseball’s (MLB) most valuable team for a 16th consecutive year, coming in at more than triple the league’s average value, according to a survey released by Forbes on Wednesday.

The 27-time World Series champion Yankees, owned by the Steinbrenner family, were valued at $2.3 billion, a 24 percent jump from last year and comfortably above the second ranked Los Angeles Dodgers ($1.6 billion).

The Boston Red Sox ($1.3 billion), Chicago Cubs ($1 billion) and Philadelphia Phillies ($893 million) rounded out the top five while the 2012 World Series champion San Francisco Giants ($786 million) were ranked seventh.

With the increase in value, the Yankees surpassed the National Football League’s Dallas Cowboys, who are worth $2.1 billion, as the most valuable U.S. sports team.

The average MLB team value is now $744 million, a 23 percent increase from last year, which Forbes attributed to new national television deals, climbing valuations for MLB Advanced Media and baseball’s investment fund.

The Forbes report (www.forbes.com/mlb) was released ahead of MLB’s 2013 season opener on Sunday.

Reporting by Frank Pingue in Toronto; Editing by Julian Linden

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