NEW YORK (KDKA/AP) Forbes’ annual report finds the average value of Major League Baseball teams has increased seven percent from last year to an all-time high of $523 million.

The New York Yankees, worth $1.7 billion, lead the way for the 14th straight year since Forbes began valuing franchises in 1998.

Only three teams’ values didn’t increase: the New York Mets, San Diego Padres and Cleveland Indians.

The Texas Rangers’ value increased 25 percent as new ownership took over the franchise and it reached its first World Series.

The Boston Red Sox were second at $912 million in the report released Wednesday. The Los Angeles Dodgers, Chicago Cubs and Mets round out the top five.

The Pirates finished last out of the 30 major league teams on the Forbes list with a team value of $304 million. The team valuation is an increase of five percent over last year when the team was valued at $289 million.

The report from Forbes said the Pirates generated $160 million in revenue, $24.6 million in operating income, $61 million in player expenses and $27 million in game receipts from the 2010 season.

Forbes reported that the Pirates generate $33 of revenue per fan and has a player-costs-to-win-ratio of 113.

The player-costs-to-win-ratio compares the number of wins per player payroll relative to the rest of MLB. Playoff wins count twice as much as regular season wins. A score of 120 means that the team achieved 20 percent more victories per dollar of payroll compared with the league average in 2010.

The revenue per fan is based on local revenues divided by metro population with populations in two-team markets divided in half.

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