Pirates valued at $1.32 billion, ranking 23rd in Forbes' annual list of MLB franchises

The value of the Pittsburgh Pirates rose 3% to $1.32 billion, according to Forbes’ annual ranking of baseball franchise values.

The New York Yankees continue to rank first at $6 billion, followed by the Los Angeles Dodgers ($4.075 billion), Boston Red Sox ($3.9 billion), Chicago Cubs ($3.8 billion) and San Francisco Giants ($3.5 billion). The Miami Marlins ranked last at $990 million, the only major league franchise valued at less than $1 billion.

The Pirates, owned by the Nutting family, rank 23rd in MLB in team valuation, behind the Baltimore Orioles ($1.375 billion) and just ahead of the Cleveland Guardians ($1.3 billion).

Per Forbes, the Pirates have an estimated annual operating income of $64 million, which ranks on par with the Red Sox ($69 million) and Cubs ($68 million), but their $258 million in revenue is tied for 25th with the Chicago White Sox.

Only the Oakland A’s ($208 million), Toronto Blue Jays ($238 million), Miami Marlins ($240 million), Baltimore Orioles ($251 million) and Tampa Bay Rays ($252 million) generated less revenue.

The Pirates also had one of the lowest value changes. Miami’s didn’t change, remaining last at $990 million — making the Marlins the only team in baseball below $1 billion — and Baltimore’s went down by 4%, to $1.375 billion.