Forbes-2016

In the world of pro sports, there may be no better deal for the average fan than Minor League Baseball. Farm teams cater directly to fan engagement and excitement, and that fun atmosphere comes at a fraction of the cost of major pro sports leagues. Take the Sacramento River Cats, for instance. Baseball fans in northern California can take part in promotional events like Star Wars Night and baseball bingo, bid on specialty jerseys during charity auctions and even watch their some of their favorite MLB stars in the flesh – last year Hunter Pence, Matt Cain and Nori Aoki donned River Cats jerseys for rehab stints. The team charges some of the highest ticket prices in the minors, and yet fans are still spending half of what they would to go to a San Francisco Giants game.

Here’s a link to the Forbes article.

That affordability is a big reason why last season Minor League Baseball teams drew the third-highest total attendance in the sport’s history, according to the sport’s governing body, with fourteen teams reportedly setting single-season franchise attendance records. And that popularity among fans has also led to record team values: Minor League Baseball’s 20 most valuable teams are now worth an average $37.5 million, up almost 35% from 2013 when FORBES last published its MiLB valuations.

And Sacramento is once again the sport’s most valuable team, now valued at $49.0 million. The Triple-A affiliate of the San Francisco Giants, the River Cats have some of the most consistently successful attendance and revenue numbers in minor league baseball. In the 2015 season they averaged more than 9,000 fans a game, with a total attendance of almost 675,000, one of the highest in the minors. The River Cats play in Raley Field, a $29.5 million ballpark that opened in 2000. The team’s success is also in part due to operating in a wealthy market; median household income in the Sacramento metro area is higher than the national average, at $60,015, which certainly helps with ticket sales. The River Cats have some of the highest-priced ticket options in the minor leagues, but they generated an estimated $11.5 million in ticket revenues last season, over 50% of their total revenue.

Second on the list behind the River Cats are the Charlotte Knights. Since the 2014 opening of their new ballpark in downtown Charlotte, N.C., the Knights have seen a huge increase in attendance and profitability. Last season they boasted almost 670,000 fans total, with an average of 9,428 per game – the highest in minor league baseball. We estimate that the team is now worth $47.5 million and last year turned a $5 million profit – the third-most in the minors – on $17 million in revenue.

The Knights are one of several teams that moved into or opened a new stadium in recent years. In fact, stadium construction has become a key trend in the minor leagues. Since 2000, Minor League Baseball clubs have opened over 60 new ballparks. A new home stadium can be incredibly profitable for a team, as it can greatly boost attendance numbers and help bring in new sponsorship deals.

The El Paso Chihuahuas (Pacific Coast League / Triple-A), for instance, moved to the new Southwest University Park in 2014. The team has been remarkably successful since, with MiLB’s seventh-highest attendance last year; it now ranks eighth on our list with a value of $38.7 million. Three new ballparks opened in 2015 in Nashville, Biloxi and Granville, West Virginia. Nashville saw home game attendance surge 75% from 324,000 to 566,000 in a single year; Biloxi’s attendance was similarly up 73% from 2014.

New stadiums aren’t everything, though. Another industry-defining success story is the Dayton Dragons (Midwest League / A), who rank third on this year’s list at $45 million. For ten straight years the team has boasted the highest total attendance among all 130 teams below the Triple-A level, and the team continues to extend its amazing sell-out streak. The Dragons sold out 1,121 consecutive games through the end of 2015, far and away the all-time consecutive sell-out record for sports in North America – all the while playing in a stadium that opened more than 15 years ago.

To be valued so highly as a Single-A team is a true testament to the Dragons’ successful business model, one that revolves around affordable entertainment as the key to high attendance numbers and subsequent profits (we estimate that Dayton earned $6.7 million in pre-tax profits last year, the highest in the minors). Combined with lower expenses in categories such as stadium operations and marketing, the affordability model allows Dayton to generate revenues that compete with those of top Triple-A teams.

Affordability is indeed a big selling point of minor league baseball, making a MiLB game one of the most budget-friendly options in sports. The average cost for a family of four attending a minor league game was only $64.18 last season, a price which includes tickets, food, parking and non-baseball entertainment. That’s more akin to a night at the movies than an MLB game, which costs twice as much at even the cheapest big-league option.

Yet fan affordability has not scared off investors hoping to cash in. In fact, recent team transactions show that there has been a surge in value for minor league franchises. The $20 million sale of the troubled Las Vegas 51s (Pacific Coast League / Triple-A) in 2013 helped set a baseline for Triple-A teams. That pattern was followed just a year later when the Omaha Storm Chasers, which billionaire Warren Buffet once held stake in, sold for approximately $25 million.

Also in 2014, Mandalay Baseball Properties sold three teams for nearly $100 million, setting transaction records in the process. In June they set a new high water mark when they sold the Frisco RoughRiders (Texas League / Double-A) to Chuck Greenberg and Scott Sonju for $32 million. Barely a month later, Mandalay broke its own record when it sold the Dayton Dragons to Palisades Arcadia Baseball for $40 million, making it the highest recorded team transaction in minor league baseball history. In October that same year, Mandalay sold the Oklahoma City Dodgers (Pacific Coast League / Triple-A) for a sum
reported between $22 to $28 million.

In the short time since there have been at least two other transactions over $20 million. Ken Babby, founder of Fast Forward Sports Group, bought the Jacksonville Suns (Southern League / Double-A) for $25 million in March last year. And former president and CEO of the Boston Red Sox, Larry Lucchino, recently bought majority shares in the Pawtucket Red Sox (International League / Triple-A), in a deal reported to be worth well over $20 million.

For the most part, wealthy individuals comprise the majority of team owners on this list. A notable individual is billionaire Robert E. Rich, Jr., who made his fortunes with food conglomerate Rich Products. He owns the Buffalo Bisons (International League / Triple-A), which rank no. 15 on our list with a value of $34 million. Rich is worth $4.3 billion.

While teams are usually independently-owned, there is an increasing number of MLB teams that have bought out their own minor league affiliates. The Cardinals, Phillies and Yankees all own team stakes in their farm system. The Houston Astros were the model organization when it came to effectively managing their farm system last season. Astros affiliates had the highest winning percentage (.533) among all 30 farm systems, produced seven minor league playoff teams and two minor league champions in 2015. One of Houston’s farm teams, which they also own, makes our valuations list: the Corpus Christi Hooks (Texas League / Double-A) are now worth $28.5 million.

To find the most valuable minor league franchises, we first limited our pool to the 160 teams with MLB affiliations who play in either class Triple-A, Double-A or Single-A. This omits rookie leagues, independent leagues and MiLB-sanctioned foreign leagues, such as the Mexican league. We then further cut the list down to the top 50 teams in attendance last season, since minor league franchises rely almost entirely on in-stadium revenue streams for revenue. Their core sources of revenue are tickets, luxury suites, parking, stadium sponsorships, ballpark naming rights, concessions and merchandise sales: 18 teams in our top 30 cracked the top 25 in merchandise sales last year.

In contrast, most of a minor league team’s expenses go toward stadium operations and rent obligations in their lease agreements with local governments (stadium rents can range from a set percentage of ticket sales to a flat payment of well over $1 million annually). The economics of the minor leagues revolve around the ‘farm system’ model, where player costs – which can typically range from $10 to $15 million per season for scouting, salaries and bonuses – are paid for by big league affiliates. For this reason, there can be wide profit margins, with the 30 clubs on this list generating an average operating income (earnings before interest, taxes and depreciation) of $2.2 million, or approximately 17% of revenue.

For these top teams, we then used available audits, reports and stadium leases to build estimates of team revenues and expenses in 2015, the most recently completed season. We further pieced together profit and loss statements by speaking to people within a team’s administration who were familiar with finances. When data was not available for a team, we derived estimates based on teams that play in comparable markets and stadiums for which we had definitive information. Our final team values are based on multiples of revenue and attendance, which use past transactions as a guide and take into account crucial metrics like market size and stadium debt.

Below is the list of the top-30 valued MiLB franchises, created by Forbes magazine.

1. Sacramento River Cats

League / Level: Pacific Coast League / Triple-A

MLB Affiliate: San Francisco Giants

Owner(s): Susan Savage

Stadium: Raley Field

Team Value: $49.0 MM

Revenue: $20.0 MM

Operating Income: $5.6 MM

Notes: The River Cats have consistently been one of the highest-earning teams in MiLB; last season’s $5.6 MM in pre-tax profits was the second-most in MiLB. Thanks to some of the highest priced ticket options in MiLB, over 50% of the team’s total revenue stems from ticket sales. Located in West Sacramento, the River Cats have a well-known stadium and operate in a wealthy market, both factors which have helped the team stay successful since acquiring Raley Field in 2000.

2. Charlotte Knights

League / Level: International League / Triple-A

MLB Affiliate: Chicago White Sox

Owner(s): Don Beaver, Bill Allen

Stadium: BB&T Stadium

Team Value: $47.5 MM

Revenue: $17.0 MM

Operating Income: $5.0 MM

Notes: Since opening the new BB&T Ballpark in downtown Charlotte in 2014, the Knights have seen a huge increase in attendance and revenue. It is no surprise that fans keep coming back to watch the team in action: the ballpark, which has quickly become one of the most popular in MiLB, has a scenic view of the downtown city skyline. Last season the Knights boasted an average of 9,428 fans per game – the highest in MiLB.

3. Dayton Dragons

League / Level: Midwest League / Single-A

MLB Affiliate: Cincinnati Reds

Owner(s): Michael Savit, Greg Rosenbaum and Nick Sakellariadis

Stadium: Fifth Third Field

Team Value: $45.0 MM

Revenue: $15.5 MM

Operating Income: $6.7 MM

Notes: Perhaps the biggest success story in MiLB, the Dayton Dragons finished the 2015 season with a 1,121 consecutive sell-out streak. The team has filled up every home game in their 16-year history lifespan, which is the longest sell-out streak in American sports history. Although just a Single-A team, the Dragons were sold by Mandalay Baseball to new ownership group Palisades Arcadia Baseball in 2014 for a record fee of $40.0 MM.

4. Lehigh Valley IronPigs

League / Level: International League / Triple-A

MLB Affiliate: Philadelphia Phillies

Owner(s): Craig Stein, Joe Finley

Stadium: Coca Cola Park

Team Value: $43.0 MM

Revenue: $15.0 MM

Operating Income: $4.1 MM

Notes: Finley and Stein bought the Ottawa Lynx in 2006 for a reported $14.0 MM, then moved the team to Allentown, PA. Since then, the IronPigs have become one of the most successful franchises in MiLB, consistently drawing over 600,000 fans per season for almost a decade. Their stadium, Coca Cola Park, was a trendsetter since it first opened: it was the first ballpark to add dugout suites. The IronPigs have made upgrades in each off-season, including a seating area in the front of the left-field bullpen called the “Pig Pen” which debuted last season.

5. Columbus Clippers

League / Level: International League / Triple-A

MLB Affiliate: Cleveland Indians

Owner(s): Franklin County, Ohio

Stadium: Huntington Park

Team Value: $41.0 MM

Revenue: $13.5 MM

Operating Income: $4.0 MM

Notes: The Clippers are one of the few teams who are county owned – the government of Franklin County, Ohio bought the team in 1977 for a mere $25,000. The team’s surge in value since then has in large part been tied to its 2009 move to Huntington Park, a $70.0 MM, state-of-the-art ballpark consistently ranked about the best in MiLB. The Clippers have dominated the International League in the last ten years, winning titles in 2010, 2011 and again in 2015.

6. Round Rock Express

League / Level: Pacific Coast League / Triple-A

MLB Affiliate: Texas Rangers

Owner(s): Ryan-Sanders Baseball

Stadium: Dell Diamond

Team Value: $40.0 MM

Revenue: $14.5 MM

Operating Income: $3.5 MM

Notes: The Express are technically owned by Ryan-Sanders Baseball, a business partnership led by Hall of Famer Nolan Ryan. Team ownership had originally intended to locate in Austin, but Round Rock leadership landed the club an attractive deal to move there instead. The City contributed $7.35 MM toward the construction of Dell Diamond, which had an estimated cost of $25.0 MM. The rest of the cost was paid for by the team ownership, who also oversaw several rounds of stadium upgrades since it originally opened in 2000.

7. Durham Bulls

League / Level: International League / Triple-A

MLB Affiliate: Tampa Bay Rays

Owner(s): Capital Broadcasting Company

Stadium: Durham Bulls Athletic Park

Team Value: $39.0 MM

Revenue: $14.5 MM

Operating Income: $3.9 MM

Notes: The North Carolina team is likely the single-most famous MiLB team in the world thanks to the 1988 Kevin Costner movie Bull Durham. This popularity is further reflected by the fact that the Bulls have been among the top teams in merchandise sales for 23 consecutive years, generating a team-record $1.2 MM last season, or 8% of the club’s total revenue. The Bulls are owned by Capitol broadcasting Company, a diversified communications company which also owns three television stations and nine radio stations in the Raleigh-Durham and Wilmington areas of North Carolina.

8. El Paso Chihuahuas

League / Level: Pacific Coast League / Triple-A

MLB Affiliate: San Diego Padres

Owner(s): MountainStar Sports Group

Stadium: Southwest University Park

Team Value: $38.5 MM

Revenue: $14.0 MM

Operating Income: $2.4 MM

Notes: Formerly known as the Tucson Padres, the team moved to El Paso for the 2014 season where they adopted the new name “Chihuahuas”. They have been remarkably successful since starting play in their new stadium, Southwest University Park, which was voted the best new ballpark in 2014 by Ballpark Digest. Although the park cost approximately $72.0 MM to build, it massively improved the team’s attendance numbers, from 272,168 in 2013 to 560,997 in 2014. Numbers have continued to rise, as last year El Paso attracted 578,952 fans, MiLB’s seventh-highest attendance.

9. Indianapolis Indians

League / Level: International League / Triple-A

MLB Affiliate: Pittsburgh Pirates

Owner(s): Max Schumacher

Stadium: Victory Field

Team Value: $37.5 MM

Revenue: $12.0 MM

Operating Income: $1.6 MM

Notes: Founded over a hundred years ago, the Indianapolis Indians have been run for almost sixty years by Chairman and President Max Schumacher. Under his leadership, the team has turned out a profit for more than 35 years. Community ownership of the franchise dates back to the 1950’s, but today, Schumacher and his family own about 40% of the stock, with less than 800 shares outstanding. Consistently one of the leaders in MiLB attendance, the Indians will celebrate their 20^th anniversary at Victory Field this season.

10. Frisco RoughRiders

League / Level: Texas League / Double-A

MLB Affiliate: Texas Rangers

Owner(s): Chuck Greenberg, Scott Sonju

Stadium: Dr. Pepper Ballpark

Team Value: $37.0 MM

Revenue: $14.0 MM

Operating Income: $3.0 MM

Notes: With an average of almost 7,000 fans per game last season, the Frisco RoughRiders boast the top attendance and revenue numbers out of any Double-A team in MiLB. Current owners Chuck Greenberg and Scott Sonju paid $32.0 MM – at the time a record fee for a MiLB franchise – when they purchased the team from Mandalay Baseball in June of 2014. For the 2016 season, the RoughRiders unveiled the new Choctaw Lazy River at Dr. Pepper Ballpark last month, which is set to be one of the most unique viewing and entertainment experiences in all of professional sports. The project cost an estimated $1.5 MM.

11. Louisville Bats

League / Level: International League / Triple-A

MLB Affiliate: Cincinnati Reds

Owner(s): Stuart Katzoff, Jerry Katzoff

Stadium: Louisville Slugger Field

Team Value: $36.0 MM

Revenue: $12.5 MM

Operating Income: $2.1 MM

Notes: The Louisville Bats sold lifetime stadium naming rights to Hillerich & Bradsby, maker of the famed Louisville Slugger bats for $2.0 MM. In 2014, Manhattan Capital Sports Acquisition, LLC, led by Stuart and Jerry Katzoff, purchased the majority interest in the Bats for an undisclosed fee. MC Sports and its principles also own the Bowling Green Hot Rods (Midwest League / Single-A) and the Reno Aces (Pacific Coast League / Triple-A). Last season the Bats hosed USL-soccer team Louisville City FC, as they played some 20 matches in the stadium which generated a fair bit of extra concession revenue.

12. Toledo Mud Hens

League / Level: International League / Triple-A

MLB Affiliate: Detroit Tigers

Owner(s): Michael R. Miller

Stadium: Fifth Third Field

Team Value: $35.5 MM

Revenue: $12.5 MM

Operating Income: $2.7 MM

Notes: The Mud Hens are technically owned by community business group Toledo Mud Hens Baseball Club, Inc., which is run by President and Chairman Michael Miller. The team is currently signed to a 25-year lease with Lucas County, agreeing to pay $14.0 MM in rent over the life of the agreement to play at Fifth Third Field. The Mud Hens recently signed a 12-year extension with Fifth Third Bank for the naming rights to the ballpark, although the financial details were not disclosed.

13. Birmingham Barons

League / Level: Southern League / Double-A

MLB Affiliate: Chicago White Sox

Owner(s): Jeff and Stan Logan

Stadium: Regions Field

Team Value: $35.0 MM

Revenue: $12.5 MM

Operating Income: $2.7 MM

Notes: One of the biggest claims to fame is the historic 1994 season, where NBA superstar Michael Jordan switched sports, went through spring training, and was assigned to play for the Barons. Currently, Birmingham have one of the more modern stadiums in MiLB. Regions Financial Corporation pays $500,000 annually naming rights to the $64.0 MM ballpark, which is also home to the University of Alabama Birmingham athletic teams.

14. Albuquerque Isotopes

League / Level: Pacific Coast League / Triple-A

MLB Affiliate: Colorado Rockies

Owner(s): Ken Young, Emmet Hammond

Stadium: Isotopes Park

Team Value: $34.0 MM

Revenue: $12.5 MM

Operating Income: $1.9 MM

Notes: With a team name inspired by The Simpsons, the Albuquerque Isotopes have remained a huge success within New Mexico. The state-of-the-art Isotopes Park, which was built in 2003 for $25.0 MM, is also home to the nearby UNM baseball team. The cast from the hit TV show ‘Better Call Saul’, including star Bob Odenkirk, even took a break from filming to attend a game at Isotopes Parks last season. ‘Topes team president Ken Young also holds ownership stakes in the Norfolk Tides (International League / Triple-A), Biloxi Shuckers (Southern League / Double-A), Bowie Baysox (Eastern League / Double A) and Frederick Keys (Carolina League / Single-A).

15. Buffalo Bisons

League / Level: International League / Triple-A

MLB Affiliate: Toronto Blue Jays

Owner(s): Robert Rich, Jr.

Stadium: Coca Cola Field

Team Value: $34.0 MM

Revenue: $12.0 MM

Operating Income: $1.1 MM

Notes: Forbes estimates that team owner Robert Rich, Jr. is worth $4.2B thanks to Rich products, the Buffalo-based food conglomerate started by his father. Rich also owns two other MiLB teams: the Northwest Arkansas Naturals (Texas League / Double-A) and the West Virginia Black Bears (NY-Penn League / Short Season Single-A). The Bisons maintain a solid fan base in Buffalo, NY, attracting just over 550,000 fans last season to their $42.0 MM ballpark, Coca Cola Field.

16. Oklahoma City Dodgers

League / Level: Pacific Coast League / Triple-A

MLB Affiliate: Los Angeles Dodgers

Owner(s): Peter Gruber, Los Angeles Dodgers

Stadium: Chickasaw Bricktown Ballpark

Team Value: $33.0 MM

Revenue: $12.0 MM

Operating Income: $2.1 MM

Notes: Formerly the Oklahoma City Red Hawks, the team was bought in October of 2014 for a sum reported to be between $22.0 MM and $28.0 MM. The Red Hawks were sold to an ownership group headed by Los Angeles Dodgers minority owner Peter Gruber. An affiliation between Los Angeles and Oklahoma City which previously had been affiliated with the Houston Astros, was part of the purchase agreement. The team underwent a successful re-branding process revolving around changing its name to the ‘Dodgers’, which eventually helped increase attendance to almost 7,000 fans per game last season.

17. Fort Wayne TinCaps

League / Level: Midwest League / Single-A

MLB Affiliate: San Diego Padres

Owner(s): Jason Freier

Stadium: Parkview Field

Team Value: $31.0 MM

Revenue: $12.5 MM

Operating Income: $2.9 MM

Notes: The Fort Wayne TinCaps have been another big success story in MiLB by providing a successful model for a new ballpark as an economic driver: the 2009 opening of Parkview Field attracted a reported $100.0 MM in new investments around downtown Fort Wayne. For the past three years the TinCaps have averaged 400,000 in attendance, making them the only other Single-A team besides Dayton to be listed in the Forbes list of top-30 teams in terms of valuation. Ownership group Hardball Capital also owns the Chattanooga Lookouts (Southern League / Double-A), and is currently trying to replicated the Fort Wayne model in Columbia, South Carolina, where a new ballpark opened for the 2016 season for the Columbia Fireflies (South Atlantic League / Single-A), who relocated from Savannah, Georgia.

18. Salt Lake Bees

League / Level: Pacific Coast League / Triple-A

MLB Affiliate: Los Angeles Angels of Anaheim

Owner(s): Gail Miller

Stadium: Smith’s Ballpark

Team Value: $30.5 MM

Revenue: $11.5 MM

Operating Income: $0.9 MM

Notes: The Bees are owned by Gail Miller, who took the helm after her husband Larry Miller passed away in 2009. The Larry H. Miller group of companies, which technically owns the Bees, also own All Star Catering, the concessionaire service at the stadium. In 2014, the team signed a lucrative naming rights agreement deal with Smith’s Food and Drug Stores, lasting until 2020. Last season, for the tenth consecutive season, the team ranked among the top-25 MiLB franchises in terms of merchandise sales.

19. Nashville Sounds

League / Level: Pacific Coast League / Triple-A

MLB Affiliate: Oakland Athletics

Owner(s): Frank Ward

Stadium: First Tennessee Park

Team Value: $30.5 MM

Revenue: $13.5 MM

Operating Loss: $0.3 MM

Notes: The 2015 season was the first year that the Sounds played in their brand new stadium, First Tennessee Park. Although costs for the new $75.0 MM ballpark ran higher than first expected for ownership group MFP Baseball, it was instrumental in raising the team’s value and profitability. The Sounds saw home game attendance surge 75% from 324,000 to 566,000 in a single year, raising the team to number 13 in attendance in MiLB.

20. Reading Fightin’ Phils

League / Level: Eastern League / Double-A

MLB Affiliate: Philadelphia Phillies

Owner(s): Philadelphia Phillies

Stadium: First Energy Park

Team Value: $30.0 MM

Revenue: $9.5 MM

Operating Income: $2.0 MM

Notes: The Fightin’ Phils play in one of the oldest and least-costly stadiums of MiLB: First Energy Park was built for less than $750,000 in 1951. The team subsequently has lower-than-average stadium operations costs, and only has to pay $22,000 per year in rent. As the Double-A affiliate of the Phillies since 1967, the Fightin’ Phils are currently tied for the longest affiliation in MiLB. The team has been owned by the Phillies since 2008.

21. Pawtucket Red Sox

League / Level: International League / Triple-A

MLB Affiliate: Boston Red Sox

Owner(s): Larry Lucchino and Partners

Stadium: McCoy Stadium

Team Value: $30.0 MM

Revenue: $10.0 MM

Operating Income: $0.8 MM

Notes: The Red Sox top minor league affiliate plays in McCoy Stadium, one of the oldest and most historic ballparks around, built for only $1.5 MM in 1942. The Mondor family sold the PawSox last year to a ten-member ownership group for a cost reported to be more than $20.0 MM. Although the new ownership group originally intended to move the team to Providence, community outcries have refocused the team on staying in Pawtucket.

22. Iowa Cubs

League / Level: Pacific Coast League / Triple-A

MLB Affiliate: Chicago Cubs

Owner(s): Michael Gartner

Stadium: Principal Park

Team Value: $30.0 MM

Revenue: $10.5 MM

Operating Income: $2.2 MM

Notes: Gartner, who leads the ownership group Raccoon Baseball, originally bought the team in 1999. The Cubs received $2.5 MM from Principal Financial Group for ballpark naming rights; the money was paid up front to help cover the cost of renovations in 2005. The Cubs have a low rent annual fee however, where they only pay $16,000 a year to the City of Des Moines in a deal that runs through 2032.

23. Richmond Flying Squirrels

League / Level: Eastern League / Double-A

MLB Affiliate: San Francisco Giants

Owner(s): Lou DiBella

Stadium: The Diamond

Team Value: $29.0 MM

Revenue: $9.5 MM

Operating Income: $1.8 MM

Notes: American Boxing Promoter and television / film producer Lou DiBella originally bought the Connecticut Defenders in 2005, before the team’s re-branding and move to Richmond in 2009. Since then, the Squirrels have reported attendance numbers averaging 400,000 a season, in large part due to Richmond’s drawing power as being one of the best MiLB markets. The $12.0 MM Diamond ballpark, owned and operated by the Richmond Metropolitan Authority, also hosts games for the VCU baseball team.

24. Tulsa Drillers

League / Level: Texas League / Double-A

MLB Affiliate: Los Angeles Dodgers

Owner(s): Dale and Jeff Hubbard

Stadium: ONEOK Field

Team Value: $28.5 MM

Revenue: $10.0 MM

Operating Income: $0.8 MM

Notes: Behind Frisco, the Tulsa Drillers are the second-most valuable franchise in the Double-A Texas League, averaging 5,858 fans per game last season. The $60.0 MM ONEOK Field opened in 2010 and has a view of the Tulsa skyline. Natural gas utility company ONEOK, Inc. paid $5.0 MM for a 20-year naming rights deal to the ballpark. It has also been home to United Soccer League team the Tulsa Roughnecks FC since 2015. 

25. Corpus Christi Hooks

League / Level: Texas League / Double-A

MLB Affiliate: Houston Astros

Owner(s): Jim Crane

Stadium: Whataburger Field

Team Value: $28.5 MM

Revenue: $10.0 MM

Operating Income: $0.9 MM

Notes: From 2005-2013, the Hooks had been part of Ryan-Sanders Baseball, making them a sister club of the Triple-A Round Express. However, in May of 2013, Express and Hooks founder Reid Ryan, son of Hall of Fame pitcher Nolan Ryan, left his post as CEO of Ryan-Sanders Baseball to become the Houston Astros President of Business Operations. The sale of the Hooks to the Astros was completed by October that year, and with a new stadium lease agreement already in place, the franchise has guaranteed its presence in Corpus Christi through 2034.

26. Scranton/Wilkes-Barre RailRiders

League / Level: International League / Triple-A

MLB Affiliate: New York Yankees

Owner(s): New York Yankees and SWB Investors, LLC

Stadium: PNC Field

Team Value: $28.0 MM

Revenue: $9.5 MM

Operating Loss: $0.2 MM

Notes: In September of 2014, Mandalay Baseball Properties sold its 50% interest in the RailRiders to SWB Investors, LLC, while the New York Yankees retained their 50% ownership of the team. Since the sale, which was estimated to be around $14.0 MM, the new 21-member ownership group has brought in closer ties to the Yankees organization. Since 2014, the has led more big name stars like first baseman Mark Teixeria and pitcher Masahiro Tanaka to make appearances for the RailRiders.

 

27. Rochester Red Wings

League / Level: International League / Triple-A

MLB Affiliate: Minnesota Twins

Owner(s): Rochester Community Baseball

Stadium: Frontier Field

Team Value: $27.5 MM

Revenue: $8.5 MM

Notes: The Red Wings, who raked in over $3.0 MM in ticket revenues and another $1.5 MM in sponsorships last year, have been owned by the local Rochester community since the late 1950’s. The community stock drive was led by local businessman Morrie Silver, whose daughter Naomi is currently the team’s president, CEO and COO. Founded in 1899, the Red Wings are the oldest still-operating sports franchise in North America below the major league level when it comes to the continuous use of a team name.

28. Jacksonville Suns

League / Level: Southern League / Double-A

MLB Affiliate: Miami Marlins

Owner(s): Ken Babby

Stadium: Bragan Field at the Baseball Grounds of Jacksonville

Team Value: $27.5 MM

Revenue: $9.5 MM

Operating Income: $0.6 MM

Notes: Since the 2003 move to the Baseball Grounds of Jacksonville, a $34.0 MM ballpark that was created as part of the Better Jacksonville Plan, the Suns have been a top-selling franchise that leads the Southern League in attendance. In March of last year, longtime owners the Bragan family sold the team to baseball executive Ken Babby for a $25.0 MM sum. Babby also owns the Akron Rubber Ducks, the Double-A franchise of the Cleveland Indians. The Suns are a Miami Marlins affiliate, and won their fifth Southern League championship in 2014.

 

 

29. Omaha Storm Chasers

League / Level: Pacific Coast League / Triple-A

MLB Affiliate: Kansas City Royals

Owner(s): Gary Green, Larry Botel, Eric Foss, Brian Callaghan

Stadium: Werner Park

Team Value: $27.0 MM

Revenue: $9.0 MM

Operating Loss: $0.8 MM

Notes: Back in 2012, the Storm Chasers switched ownership groups for a sum between $15.0 MM and $25.0 MM. Since then, the team has had nearly 400,000 fans in attendance each year, with an average of 5,516 last season. They were back-to-back Pacific Coast League champions in 2013 and 2014, and went on to win both subsequent Triple-A National Championship games. Owners Green, Botel and Callaghan are also partners in the successful Richmond Flying Squirrels franchise.

30. Trenton Thunder

League / Level: Eastern League / Double-A

MLB Affiliate: New York Yankees

Owner(s): Joseph Plumeri, Joseph Finley, Joseph Caruso

Stadium: Arm & Hammer Park

Team Value: $26.5 MM

Revenue: $9.0 MM

Operating Income: $0.7 MM

Notes: The Trenton Thunder play at Arm & Hammer Park, a $16.0 MM ballpark funded by Mercer County with a loan from the State of New Jersey. The team are one of the few to rank in the top-25 in merchandise sales since MiLB started tracking sales data in 1993. With 22 consecutive years as a top-selling merchandise team, the Thunder are only second to the Durham Bulls. As an affiliate of the New York Yankees, the Thunder have had several big-name players come through its ranks while on rehab assignments, such as Derek Jeter, Alex Rodriguez and Roger Clemens.