Pirates Worth $1.2 Billion, Made Millions Last Year: Forbes

PITTSBURGH, PA - The Pirates franchise is worth $1.2 billion, but the team’s operating income fell from $51 million in 2016 to $35 million last year, according to Forbes’ annual Business of Baseball analysis.

The Pirates’ value increased 1 percent in 2017 or $10.2 million. The New York Yankees are baseball’s highest valued team at $4 billion. The Tampa Bay Rays are worth the least at $900 million, according to Forbes.

To compile the figures, Forbes spoke with sports bankers, team executives and industry analysts. They also reviewed available team documents and stadium leases.

Perhaps the most interesting finding concerning the Pirates is the the $16 million decline in operating income. That could be the reason the team failed to sign a single major league free agent in the offseason, which some fans roundly criticized.

That drop in could be attributable to a corresponding decline in PNC Park attendance. After a record-setting 2.4 million people went through the turnstiles in 2015, attendance dropped to 2.2 million in 2016 and 1.9 million in 2017.

But the sagging attendance corresponded with the Pirates going from contenders to pretenders again, which many fans blamed on owner Bob Nutting’s unwillingness to spend money on quality players. The Pirates won 98 games in 2015, dropped to 78 in 2016 and won just 75 last season.

Despite the lack of free agent signings and the trading away of star players Andrew McCutchen and Gerrit Cole, the Pirates are off to their best start since 1992. The team had an 8-2 record going into Wednesday’s game against the Chicago Cubs.

In its profile of the Pirates, Fobest noted the Pirates was one of four - including the Athletics, Marlins and Rays - the Major League Baseball Players Association filed a grievance against in February. The teams were accused of failing to appropriately spend revenue-sharing money.

Pirates President Frank Coonelly called the grievance "patently baseless" and said the team spent revenue-sharing money consistent with the rules in baseball's labor contract.

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