Forbes: New York Yankees most valuable MLB franchise at $5 billion

April 9 (UPI) -- The New York Yankees kept their top spot with a $5 billion valuation on Forbes' latest list of MLB franchise values.

Forbes released its rankings of the most valuable MLB teams Thursday. The publication estimated that 28 out of the 30 franchises appreciated in value despite the ongoing coronavirus pandemic.

The Yankees, who have remained in the No. 1 spot on Forbes' annual MLB list since 1998, had a nine percent year-to-year leap in value and are second among all sports teams in Forbes' estimations. New York trails only the NFL's Dallas Cowboys ($5.5 billion) in value.

According to Forbes, the Los Angeles Dodgers are second in baseball at $3.4 billion, followed by the Boston Red Sox ($3.3 billion), Chicago Cubs ($3.2 billion) and San Francisco Giants ($3.1 billion).

The Pittsburgh Pirates and Miami Marlins were the only MLB clubs to depreciate in value. The Marlins were ranked last at $980 million, a drop of $20 million.

According to Forbes' estimations, the average value of MLB franchises climbed four percent from last year to $1.85 billion, the smallest annual increase since a two percent rise in 2010.

Top 10 most valuable MLB franchises:

1. New York Yankees ($5 billion)

2. Los Angeles Dodgers ($3.4 billion)

3. Boston Red Sox ($3.3 billion)

4. Chicago Cubs ($3.2 billion)

5. San Francisco Giants ($3.1 billion)

6. New York Mets ($2.4 billion)

7. St. Louis Cardinals ($2.2 billion)

8. Philadelphia Phillies ($2 billion)

9. Los Angeles Angels ($1.975 billion)

10. Washington Nationals ($1.9 billion)