The New York Yankees are worth $2.3 billion, according to Forbes magazine. (Leon Halip/Getty Images)
The New York Yankees may not have Major League Baseball's highest payroll anymore, but the "Evil Empire" can stake claim at being number one at something.
According to Forbes Magazine, the Yankees are the most valuable franchise in baseball, worth an estimated $2.3 billion.
The Los Angeles Dodgers are the second most valuable team, worth $1.615 billion. The Yankees' American League East rival, the Boston Red Sox are third at $1.32 billion. The Chicago Cubs ($1 billion) and Philadelphia Phillies ($893 million) round out the top five.
The Oakland Athletics' value rose 46%, more than any other team, to $468 million and the team's revenue rose by 8%, as the team received one of MLB biggest ‘s revenue-sharing checks.
The average baseball team is now worth $744 million, 23% more than a year ago and the largest increase since we began tracking MLB finances in 1998. During the 2012 season, revenue (net of stadium debt service) rose 7%, to an average of $227 million per team. Operating income (earnings before interest, taxes, depreciation and amortization) per team fell 9%, to $13.1 million, mainly due to higher player costs and stadium expenses.