24 Mar 2011

MLB continues to blossom

1:51 pm on 24 March 2011

Major League Baseball has emerged from the recession with a seven percent jump in the average value of a team this year to an all-time high of $700 million.

Forbes magazine says helping to boost the average value was greater revenue for teams playing in new ballparks and regional TV networks.

Combined revenue for the league's 30 teams rose four percent and exceeded six billion US dollars for the first time.

The New York Yankees were the richest team for the 14th straight year as their value rose six percent to 2.3 billion, nearly doubling the worth of their arch-rival Boston Red Sox, who came in second at $1.2 billion.

Only three teams - the New York Mets, San Diego Padres and Cleveland Indians - fell in value, compared to nine teams the prior year.

Teams were worried about lower attendance last year given the weak US economy, but 73 million fans went to ballparks for baseball's sixth highest total.