Last season’s record revenue for Major League Baseball translated into all-time-high valuations for its teams.
of regional sports networks made little difference: Major League Baseball teams are still hot assets. Before Arte Moreno pulled the plug on selling his Los Angeles Angels in January, he would have gotten at least $2.7 billion, or $280 million more than the MLB record $2.42 billion that Steve Cohen paid for the New York Mets in 2020, according to people familiar with the sale process.
The average MLB team value is up 12% this year, to $2.32 billion. During the 2022 season, revenue increased 7.8%, to an all-time high of $10.3 billion. The top line gain was driven by a 64% increase in ticket revenue , to $2.4 billion and a 35% increase in premium seating revenue, to $$1.16 billion. But operating income came in at an average of $17.7 million per team, down 20% from the previous season as player costs rose 13%, to $5.2 billion, and an increase in SG&A expenses.
Among the league’s 30 teams, geography and regional sports network economics played pivotal roles in our valuations, especially with the recentof Diamond Sports Group, which has the local media rights to 14 of MLB’s 30 teams.
Alas, not all teams are as fortunate as the Angels or Yankees to play in big markets and have deals with profitable RSNs. The Lerner family has beenthe Washington Nationals for over a year. Despite the Nationals’ revenue falling in the top half of MLB, the team has not been able to attract a serious offer above $2 billion. One reason: the Nationals and Baltimore Orioles, co-owners of MASN, the RSN that televises their games, have been entangled in an uglyAll told, baseball’s 30 teams took in $2.
Media experts say the teams most at risk of having their local television fees cut are the Arizona Diamondbacks, Cincinnati Reds, Cleveland Guardians, Colorado Rockies, Minnesota Twins, Pittsburgh Pirates, Oakland Athletics and San Diego Padres because the deals the RSNs have with the teams are no longer economical for the sports networks. We kept the values of all these teams, save the Rockies and Padres, the same as they were a year ago. We nudged up the Rockies 6%, to $1.
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