New stadiums are paying off for the New York baseball teams, even in this economy.
The value of the Yankees and Mets increased in the past year, keeping them atop Forbes’ annual list ranking all major-league franchises.
The Yankees are No. 1 for the 12th straight year, valued at $1.5 billion, up 15 percent from the $1.3 billion estimated last year.
The Mets are second, valued at $912 million, 13 percent above the $824 million of 2008.
The percentage increases also were the best in baseball.
The rest of the top five — Red Sox ($833 million), Dodgers ($722 million) and Cubs ($700 million) — remained the same, with each team also increasing in value.
Ten teams decreased in value, the most since 2004, hurt by debt or high local unemployment, according to Forbes. The Washington Nationals decreased the most, down 12 percent to $406 million.
The Yankees have a forecasted $3.7 million operating loss in 2009, compared to a $47.3 million loss in 2008. Their 2009 revenue will be $375 million.
The Mets show an expected profit of $23.5 million in 2009 (before interest, taxes, depreciation and amortization), down from $32.9 million in 2008. The Mets’ 2009 revenue is estimated at $261 million.
A new Yankee Stadium and Citi Field opened this season, but higher-priced seats have proven to be a difficult sell. But the new stadiums are worth much more than the ones they replaced.
Forbes estimates the Yankees’ revenue from their stadium will increase by $100 million. Gate receipts alone are increasing $46 million.
The Mets are receiving $20 million annually from Citigroup in a controversial naming-rights deal with the troubled financial company. Their gate receipts will increase $30 million.
Forbes lists the Yankees’ player expenses at $236 million; the Mets’ are $157 million.
The rest of the top 10 franchises: Angels, Phillies, Cardinals, Giants, White Sox.
Baseball is still a profitable business, with two of the 30 teams (Yankees and Tigers) expected to show an operating loss.
In 2000, the Yankees were valued at $548 million, the Mets at $314 million.