The New York Yankees are the most valuable team in Major League Baseball, and it’s not all that close. The Steinbrenner family’s organization is valued at $7.55 billion, about $2 billion more than the next most valuable team, per Forbes.
That financial dominance goes beyond just the front office. The team is expected to generate $606 million in economic impact for the city over the course of the 2024 regular season, according to a new report from the New York City Economic Development Corporation.
The Mets, on the other hand, are expected to generate $353 million through the regular season, about 42% less than their cross-city counterpart.
Those figures include the sale of tickets, merchandise and concessions; transportation costs; lodging for out-of-town visitors and their spending at local restaurants; and employee salaries.
The EDC’s analysis used current ticket pricing for the 2024 season but relied on historical averages to determine attendance projections. Higher ticket prices and higher expected attendance for Yankees’ home games contributed to the team’s economic impact dominance.
The forecast for both teams is up from last year. Going into the 2023 season, Yankees home games were projected to inject $579 million into the local economy, compared to $338 million for the Mets. “The higher impacts this year are being driven a little by inflation and a little by higher ticket prices,” said Melissa Pumphrey, the EDC’s senior vice president of economic research & policy.
At Citi Field, the median ticket price rose about $5 year-over-year, the EDC found. “That’s a little more than what we’d expect if we’re just looking at the inflation rate, so some of that may have to do with just how the Mets did last year,” Pumphrey said. The team finished 75–87 last year.
Meanwhile, the cost of admission at Yankee Stadium did not change.
In a written statement accompanying the report, Mayor Eric Adams wrote, “with baseball back, the Yankees and Mets will not only provide New York City with some of the most exciting games of the summer, but will support local businesses, create jobs, and generate nearly a billion dollars in economic impact — and hopefully, we’ll add even more to that with deep playoff runs.”
The two teams’ combined $960 million estimate does not include potential postseason berths, which can generate tens of millions of dollars on their own. In 2022, when the Yankees made it to the American League Championship Series and played five home games, for example, the organization saw $72.6 million in postseason collections from ticket and suit sales.
Jack Grieve , 2024-04-10 21:42:46
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