Major League Baseball

Mets' value drops 13 percent

Published Mar. 22, 2011 1:00 a.m. ET

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The value of the New York Mets has plummeted 13 percent in the past year, the largest drop of any MLB franchise, Forbes said Wednesday in its annual assessment of how much each team is worth.

Amid a burdensome debt load and facing a $1 billion lawsuit from the victims of Bernard Madoff's Ponzi scheme, the Mets' value dropped to $747 million, fifth overall among MLB clubs.

Forbes reports the Mets suffered a $6 million decline in operating income and a 25 percent drop in gate receipts at Citi Field as the team struggled on the diamond last season.

The only other team to decrease in value was the Cleveland Indians, dropping 10 percent to $353 million.

For the 14th straight year, the Yankees led the way as baseball's most valuable franchise at $1.7 billion, a six percent rise from a year ago.

Forbes describes the Yankees as "a three-engine money-making machine," with revenue coming from ticket sales and sponsorships at Yankee Stadium, combined with the team's cable network, YES, and stadium management company Legends Hospitality Management.

In all, the three enterprises are worth more than $5 billion, according to Forbes.

In overall value, the Yankees are followed by the Red Sox at $912 million, the Dodgers at $800 million, the Cubs at $773 million, with the Mets in fifth and the Phillies sixth at $609 million.

The largest increase in value was seen by the Texas Rangers, at 25 percent, as the team benefited from a $225 million equity injection from owners Ray Davis and Bob Simpson, who purchased the franchise out of bankruptcy last summer for $593 million.

Other winners in 2010 on the financial front were the Minnesota Twins, who saw a 21 percent rise in overall value and the Florida Marlins, whose value increased by 13 percent. The World Series-winning Giants' value increased by 16 percent to $563 million.

Despite its overall value remaining steady in 2010, the Padres saw the largest profit of any team at $37 million. Attendance surged at Petco Park thanks to a surprise 90-win season, and the club also received a $30 million check from bigger franchises in accordance with MLB's revenue-sharing agreement.

At the other end of the spectrum, the Detroit Tigers' operating income dropped by $29 million.

Combined revenue for all 30 teams jumped four percent last year to $6.1 billion, but two of the game's marquee franchises, the Mets and Los Angeles Dodgers, are suffering from massive amounts of debt.

According to Forbes, the Mets owe $450 million to creditors, an issue that led to owner Fred Wilpon announcing last month that he is looking to sell a minority stake in the team.

Dodgers owner Frank McCourt — embroiled in bitter divorce proceedings with his ex-wife, Jamie McCourt, that centers around ownership of the team — is reportedly seeking more money from lenders and looking for investors under a debt load of $433 million.

Read more here.

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