Major League Soccer has three billion-dollar clubs, according to Forbes — and New York City FC ain’t one of them.
The financial publication just released its annual MLS valuation, and the list is topped by LAFC ($1.25 billion), Inter Miami CF ($1.20 billion), and LA Galaxy ($1.00 billion). New York City are valued at $875 million, a $25 million increase over 2024. NYCFC are ranked #5, behind the three billion-dollar clubs and Atlanta United ($975 million).
The figures from Forbes come on the heels of the valuations released by Sportico last month. That publication put New York City at $1 billion, an increase of $160 million over 2024. Sportico also ranked NYCFC #5, behind LAFC, Inter Miami, LA Galaxy, and Atlanta United.
Here are five takeaways about the latest numbers from Forbes.
Oliver Strand
New York City FC | Valuation by Year
| Year | Publication | Valuation | $ Change* | % Change* | MLS Rank |
|---|---|---|---|---|---|
| 2025 | Forbes | $875 million | $25 million | 2.9% | #5 |
| 2025 | Sportico | $1 billion | $160 million | 19.1% | #5 |
| 2024 | Forbes | $850 million | $50 million | 6.3% | #5 |
| 2024 | Sportico | $840 million | $150 million | 21.7% | #5 |
| 2023 | Forbes | $800 million | $385 million | 107.8% | #4 |
| 2022 | Sportico | $690 million | $35 million | 5.3% | #7 |
| 2021 | Sportico | $655 million | – | – | #5 |
| 2020 | – | – | – | – | – |
| 2019 | Forbes | $385 million | $107 million | 38.5% | #7 |
| 2018 | Forbes | $278 million | $3 million | 1.1% | #7 |
| 2017 | Forbes | $275 million | $20 million | 7.8% | #4 |
| 2016 | Forbes | $255 million | – | – | #3 |
* Compared to same publication’s previous valuation
1. Conservative numbers from Forbes
The numbers from Forbes are significantly more conservative than those from Sportico. Forbes puts the MLS club average at $690 million, which is $30 million less than the $720 million from Sportico. Forbes assesses double-digit growth for just four clubs (Sportico has six), with nine increasing by at least 5.0% (compared to 13 for Sportico).
Forbes | 2025 MLS Club Valuations
| Club | Valuation | $ Change* | % Change* | Place Change* | |
|---|---|---|---|---|---|
| 1 | LAFC | $1.25 billion | $250 million | 4.2% | — |
| 2 | Inter Miami | $1.2 billion | $200 million | 20.0% | — |
| 3 | LA Galaxy | $1.0 billion | $50 million | 5.3% | — |
| 4 | Atlanta United | $975 million | $75 million | 8.3% | — |
| 5 | New York City FC | $875 million | $25 million | 2.9% | — |
| 6 | Austin FC | $825 million | $75 million | 10.0% | 2 |
| 7 | Seattle Sounders | $800 million | $15 million | 1.9% | -1 |
| 8 | DC United | $785 million | $10 million | 1.3% | -1 |
| 9 | Columbus Crew | $735 million | $95 million | 14.8% | 6 |
| 10 | FC Cincinnati | $730 million | $80 million | 12.3% | 4 |
| 11 | Toronto FC | $725 million | — | 0.0% | – 2 |
| 12 | Charlotte FC | $700 million | $10 million | 1.5% | – 2 |
| 13 | Philadelphia Union | $690 million | $20 million | 3.0% | – 1 |
| 14 | St Louis City | $685 million | $5 million | 0.7% | – 3 |
| 15 | Portland Timbers | $670 million | $10 million | 1.5% | – 2 |
| 16 | Sporting Kansas City | $650 million | $40 million | 3.2% | — |
| 17 | Minnesota United | $610 million | $10 million | 1.7% | — |
| 19 | New York Red Bulls | $580 million | $20 million | 3.6% | 1 |
| 19 | Nashville SC | $570 million | — | 0.0% | – 1 |
| 20 | Houston Dynamo | $550 million | $20 million | 3.8% | — |
| 21 | FC Dallas | $545 million | $45 million | 9.0% | 3 |
| 22 | San Jose Earthquakes | $540 million | $35 million | 6.9% | 1 |
| 23 | New England Revolution | $520 million | $15 million | 2.8% | – 2 |
| 24 | Chicago Fire | $515 million | $15 million | 2.9% | – 2 |
| 25 | Real Salt Lake | $500 million | $15 million | 3.0% | — |
| 26 | Orlando City | $475 million | — | 0.0% | — |
| 27 | Vancouver Whitecaps | $440 million | $20 million | 4.8% | 1 |
| 27 | CF Montréal | $435 million | $5 million | 1.2% | – 1 |
| 29 | Colorado Rapids | $415 million | $15 million | 3.8% | — |
2. 4 Clubs short of $500 million buy-in
San Diego FC reportedly paid $500 million in 2023 to join MLS, which set a new base price for a club. That’s right, the league’s cover charge is now $500 million — which makes the $100 million expansion fee reportedly paid by New York City in 2013 look like good business.
But the valuations of four clubs fall short of that mark: Orlando City ($475 million), Vancouver Whitecaps ($440 million), CF Montréal ($435 million), and Colorado Rapids ($415 million). A fifth, Real Salt Lake, is valued at $500 million even.
3. Forbes doesn’t include value of real estate
One explanation for the conservative numbers from Forbes is their policy that “Team values include the economics of the team’s stadium (including non-MLS revenue that accrues to the team’s owner) but not the value of the stadium real estate itself.” In other words: Income from a stadium counts, but the value of a stadium doesn’t.
That’s in contrast to Sportico, which includes “Team-Related Businesses and Real Estate Holdings.”
4. New York City #9 in revenue
One interesting set of figures offered by Forbes is the revenue and income for every club — although the publication notes that “Playoff games, player transfers and shared distributions from MLS were excluded from revenue calculations.”
Still, it gives you some insight into how much – or how little – the teams actually make. According to Forbes, New York City pull in $78 million in revenue and operate at an $8 million deficit. They’re in good company: Fully 16 of the league’s 29 teams lost money in 2024.
Perhaps it speaks to the startup mentality that continues to pulse through the league. The mindset is that MLS isn’t just competitive today, it’s a growth league that will become even more significant in the future.
Forbes | 2025 MLS Revenue/Income
| Club | Revenue | Income | |
|---|---|---|---|
| 1 | Inter Miami | $180 million | $50 million |
| 2 | LAFC | $150 million | $12 million |
| 3 | Atlanta United | $105 million | $10 million |
| 4 | LA Galaxy | $102 million | $2 million |
| 5 | DC United | $90 million | $10 million |
| 6 | Austin FC | $90 million | $4 million |
| 7 | Seattle Sounders | $83 million | $2 million |
| 8 | Charlotte FC | $81 million | $4 million |
| 9 | New York City FC | $78 million | -$8 million |
| 10 | FC Cincinnati | $76 million | $3 million |
| 11 | St Louis City | $75 million | -$2 million |
| 12 | Sporting Kansas City | $75 million | -$2 million |
| 13 | Columbus Crew | $74 million | -$10 million |
| 14 | Philadelphia Union | $72 million | -$8 million |
| 15 | Toronto FC | $70 million | -$12 million |
| 16 | Portland Timbers | $68 million | $1 million |
| 17 | New York Red Bulls | $64 million | -$5 million |
| 19 | New England Revolution | $63 million | $5 million |
| 19 | Minnesota United | $63 million | -$12 million |
| 20 | San Jose Earthquakes | $59 million | -$10 million |
| 21 | Houston Dynamo | $58 million | -$2 million |
| 22 | FC Dallas | $54 million | -$15 million |
| 23 | Nashville SC | $53 million | -$8 million |
| 24 | Chicago Fire | $51 million | $2 million |
| 25 | Real Salt Lake | $50 million | $0 million |
| 26 | Orlando City | $50 million | -$3 million |
| 27 | CF Montréal | $45 million | -$7 million |
| 27 | Colorado Rapids | $42 million | -$8 million |
| 29 | Vancouver Whitecaps | $40 million | -$10 million |
5. The numbers are made-up
As always, we end with the same disclaimer we use every year: These numbers are make-believe.
As we wrote earlier, “both Sportico and Forbes claim that they survey MLS executives and gain insider information based on granting anonymity. But neither publication publishes the raw numbers.”
Are New York City worth $875 million — or $1 billion? Sure, why not. Are New York Red Bulls really worth $580 million, less than Philadelphia Union ($690 million) and DC United ($785 million)? Could be. Are Toronto FC stagnating, and stuck at $725 million as they cede ground to FC Cincinnati ($735 million), and Columbus Crew ($730 million)? That tracks.
Still, none of these numbers are certain.
