BRADENTON, Fla. -- Despite the threat of a lockout canceling part of the season and the COVID-19 pandemic still ongoing, the Pirates’ valuation once again increased ahead of the 2022 season, with Forbes estimating the franchise to now be worth $1.32 billion.
That’s a 3% increase from a year ago, when the publication estimated it would fetch $1.285 billion in a theoretical sale, something Pirates’ principal owner Bob Nutting has shown no interest in doing.
That valuation ranks as the 23rd-most valuable franchise, ahead of the Guardians, Brewers, Reds, Athletics, Royals, Rays and Marlins.
Forbes estimates that league revenues and profits have returned to their pre-pandemic normal. They project the club to have a $64 million operating income. The club had a -$21 million operating income in 2021, but had at least $21.8 million in operating income dating back to 2013.
An estimated $705 million of that valuation is tied to MLB sources. After that, $391 million is attributed to the market, $113 million to PNC Park and $112 million to the brand itself.
The yearly analysis by the publication comes ahead of another season where the Pirates are expected to have one of the lowest player payroll salaries in the league.
It was a point of contention between the league and players association ahead of this winter’s lockout. While the players would ultimately drop a grievance against the league for starting the season later to suppress prorated salaries, they did not do the same for individual team grievances they had for not spending their share of revenue money.
The Pirates were one of four clubs that still has a grievance on record.
According to Spotrac, the Pirates have a projected $37.875 million opening day payroll, which would only be ahead of the Guardians ($37.4 million) and Orioles ($30.4 million).
A full list of the league’s most valuable franchises can be found at Forbes.
