Yankees, Dodgers, Red Sox Top Forbes' List of Most Valuable MLB Franchises for 2023

Some say baseball is a dying sport, yet franchise valuations continue to soar in the 2020s.

The New York Yankees, Los Angeles Dodgers and Boston Red Sox top Forbes' list of the most valuable Major League Baseball franchises for 2023.

The Yankees are valued at $7.1 billion, the Dodgers at $4.8 billion and the Red Sox at $4.5 billion. New York and Los Angeles experienced a one-year increase of 18 percent, while Boston's value went up by 15 percent.

Here's a look at the top 10 most valuable MLB franchises:

1. New York Yankees: $7.1 billion
2. Los Angeles Dodgers: $4.8 billion
3. Boston Red Sox: $4.5 billion
4. Chicago Cubs: $4.1 billion
5. San Francisco Giants: $3.7 billion
6. New York Mets: $2.9 billion
7. Los Angeles Angels: $2.7 billion
8. Atlanta Braves: $2.6 billion
9. Philadelphia Phillies: $2.575 billion
10. St. Louis Cardinals: $2.55 billion

The Yankees have been MLB's most valuable franchise every year since Forbes began publishing the list in 1998, which is no surprise given the club's immense popularity.

The average MLB franchise value increased 12 percent from 2022 to $2.32 billion, per Forbes, and revenue increased 7.8 percent to $10.3 billion. Most of the money came from a 64 percent increase in ticket revenue, including during the postseason and spring training.

The Yankees made $143 million in 2022 through their cable contract with YES Network, "the most-profitable and most-watched RSN in the country," according to Forbes.

But while the Yankees are baseball's most valuable franchise, the club doesn't have the highest payroll in baseball for 2023 despite re-signing star slugger Aaron Judge to a nine-year, $360 million deal this winter. That title is held by the club's crosstown rival, the Mets, according to Spotrac.

The Dodgers made $196 million in 2022 with their cable contract with SportsNet LA, and the Red Sox made $97 million from NESN, which is owned by a combination of Fenway Sports Group and Delaware North.

L.A. has a star-studded roster with the likes of Mookie Betts, Clayton Kershaw, Freddie Freeman and J.D. Martinez, and they have the league's fifth-highest payroll for 2023, per Spotrac.

The Red Sox, meanwhile, have been criticized for a lack of spending over the last several seasons after missing the playoffs in three of the last four years. Boston has the 14th-highest payroll in baseball in 2023.

While teams in larger markets have benefited from television deals, clubs in smaller markets, including the San Diego Padres, Arizona Diamondbacks, Cincinnati Reds, Milwaukee Brewers and Minnesota Twins, have been significantly impacted by the decline of regional sports networks.

While these clubs are experiencing a lack of income from broadcasting partners, money doesn't appear to be drying up. The Padres just signed slugger Manny Machado to an 11-year, $350 million extension, and the Twins re-signed shortstop Carlos Correa to a six-year, $200 million deal.