MLB

Yankees most valuable franchise; Mets not far behind

The Yankees rank first in a new study of MLB franchise values at a cool $3.3 billion. No surprise there. But how about the Mets checking in at No. 4, with a massive figure of $2.05 billion?

That surprising sum was one of the findings of a Bloomberg ranking that computed more comprehensive “enterprise” values for major league teams from revenue streams including ticket sales, concessions, sponsorships, broadcast rights as well as TV/radio and real estate interests.

The Yankees tower over the sport financially, according to these findings. The pinstripers rank first in total revenue at $570 million and in every category, including a whopping $265 million in gate receipts (the Red Sox are next at $174M) and $53 million from concessions. That’s a lot of $10 Bud Lights. The Yankees add $932 million from their stake in the YES Network.

The Mets slot right behind the No. 2 Dodgers ($2.1 billion — based on their recent sale price) and No. 3 Red Sox ($2.06 billion). The bulk of their value comes from a 65 percent stake in the regional cable network SNY worth $1.16 billion, though the “team value” ranks eighth at $779 million. The Amazin’s pull the second-most in sponsorships, sixth-most in concessions and 13th most in gate receipts at Citi Field.

An analyst quoted in the Bloomberg story said the share in SNY was a dubious inclusion in the Mets’ case.

“The equity value of SNY is zero, since the owners use it to cover $75 million a year in Mets losses,” Joseph Ravitch said.

The average value of MLB franchises topped $1 billion. The Rays came in last at $530 million.