Yankees top Forbes's MLB valuation list for 19th year in a row
According to a Forbes survey released on Wednesday, the 27-time World Series champions were valued at $3.4 billion, up 6 percent from last year.
Los Angeles Dodgers, whose value rose 4 percent to $2.5 billion, are in second place with the Boston Red Sox ($2.3 billion), San Francisco Giants ($2.25 billion) and Chicago Cubs ($2.2 billion) completing the top five.
The average MLB team is now worth $1.3 billion, a 7 percent rise from 2015, which Forbes says is as a result of new improved national broadcasting deals.
World Series champions Kansas City Royals were 25th out of MLB's 30 teams with a value of $865 million.
The Yankees' ability to extend their brand into other areas such as Legends Hospitality, the YES Network, Major League Soccer and college football is said to be the reason behind their continued status at the top of the list.
The Dodgers also benefit from lucrative off-field link-ups, with the club raking in $152 million in rights fees from SportsNet LA last season, the most in baseball.
The parent company of the Red Sox, the Fenway Sports Group, own Premier League club Liverpool and half of NASCAR racing team Roush Fenway Racing.
For lower value teams such as the Royals, an important factor in their ability to compete is their equal share in MLBAM.
Baseball's internet and technology arm is growing quickly and is extremely profitable, with Forbes reporting it could add as much as $200 million in value to each team.
The combined revenue for the 30 MLB teams was a combined $8.4 billion, 7 percent higher than last season.
Team values have risen by 146 percent in the past five years, with broadcast contracts with Fox and Turner Sports bringing in around $850 million annually until 2021, while a deal with ESPN generates around $700 million per year.
Other teams like the San Diego Padres, Los Angeles Angels of Anaheim and Cleveland Indians, also benefit from valuable local television deals.
MLB top 10 most valuable teams 2016
1. New York Yankees $3.4 billion
2. Los Angeles Dodgers $2.5 billion
3. Boston Red Sox $2.3 billion
4. San Francisco Giants $2.25 billion
5. Chicago Cubs $2.2 billion
6. New York Mets $1.65 billion
7. St Louis Cardinals $1.6 billion
8. Los Angeles Angels of Anaheim $1.34 billion
9. Washington Nationals $1.3 billion
10. Philadelphia Phillies $1.24 billion