Forbes names Yankees baseball's most valuable team, worth $2.3 billion

New York Yankees starting pitcher Andy Pettitte throws against the Detroit Tigers in the first inning during Game 1 of the American League championship series in New York. (AP Photo/Kathy Willens)

NEW YORK -- Forbes estimated the New York Yankees have the highest value in Major League Baseball for the 16th straight year at $2.3 billion, and the average for an MLB team increased by 23 per cent in the last year to $744 million.

The magazine said Wednesday the Yankees' value increased from $1.85 billion last year.

The Los Angeles Dodgers are second in MLB at $1.62 billion -- nearly $400 million below the price paid for the team last May when a group headed by Mark Walter, Stan Kasten and Magic Johnson bought the franchise from Frank McCourt.

Forbes valued Boston third at $1.3 billion, followed by the Chicago Cubs ($1 billion), Philadelphia ($893 million), the New York Mets ($811 million), San Francisco ($786 million), Texas ($764 million), the Los Angeles Angels ($718 million) and St. Louis ($716 million).

The bottom five are Tampa Bay ($451 million), Kansas City ($457 million), Oakland ($468 million), Pittsburgh ($479 million) and Miami ($520 million).