Major League Baseball (MLB) giant, the New York Yankees, have made history, becoming the first side in the competition’s history to reach US$6 billion in club value.

According to a report by Forbes revealing the most valuable MLB teams in 2022, the Yankees are worth US$2 billion dollars more than their next closest rival in baseball, the Los Angeles Dodgers, who were valued at US$4.08 billion.

The Yankees fell just short of being named the most valuable sporting franchise in the world, being edged out by National Football League (NFL) franchise, the Dallas Cowboys, who are worth US$6.5 billion.

Although the Yankees are ranked top of the list on valuation, the Los Angeles Dodgers brought in a league high US$189 million in local TV rights, while the Yankees brought in US$135 million in local rights.

Rounding out the top-five of the MLB are the Boston Red Sox (US$3.9 billion), the Chicago Cubs (US$3.8 billion)and the San Francisco Giants (US$3.5 billion), respectively.

At the bottom of the league’s rankings are the Miami Marlins, who were the only club not to surpass the billion-dollar mark, being valued at US$990 million.

After a tough off-season for the MLB with a lockout threatning to derail the season, the league has recovered financially with media rights set to exceed US$2 billion, a 30% increase on the previous cycle.

Along with the media rights, the MLB reportedly took home US$1.13 billion in sponsorship rights in 2021, an upgrade from US$1.08 billion seen in 2020.

In comparison to the other major American sports leagues, the NBA earned US$1.46 billion and the NFL reported US$1.8 billion in sponsorship money.

The report suggested the new CBA, which put an end to the lockout, will see franchise value rise even further from the 2023 season, as clubs will be permitted to sell sponsorship rights to jersey patches and helmet decals.

The average value of MLB clubs has now reached US$2.07 billion according to Forbes, growing 9% year-on-year, with the Texas Rangers showing the biggest rise in value by 15% on last year.

The report generated franchise values through a calculation of equity plus net debt, using a multiple of revenue based on historical transactions and the future economics of the sport and clubs.