03/22/2012 12:11 EDT | Updated 05/21/2012 05:12 EDT

Forbes: Average value of MLB teams increases 7 per cent from last year to all-time high

NEW YORK, N.Y. - Forbes' annual report finds the average value of Major League Baseball teams has increased 16 per cent from last year to an all-time high of $605 million.

The New York Yankees, worth $1.85 billion, lead the way for the 15th straight year since Forbes began valuing franchises in 1998.

Only two teams' values didn't increase: the New York Mets and the Tampa Bay Rays.

The Los Angeles Dodgers were second at $1.4 billion — an increase of 75 per cent over last year — in the report released Wednesday. The Boston Red Sox, Chicago Cubs and Philadelphia Phillies round out the top five.

The Mets lost 4 per cent of their value amid legal and debt problems but are still sixth on the list at $719 million.