The MLS season kicks off next week with Inter Miami versus Los Angeles FC at the 77,500-seat Memorial Coliseum. LAFC moved the game to accommodate demand for a matchup between the league’s two biggest stars, Lionel Messi and Son Heung-Min. Apple should also bank a massive streaming audience for the first MLS game between Messi and Son.
Miami-LAFC and the game’s star talents are what MLS founders dreamed of when the league launched in 1996 on the back of the first U.S.-hosted World Cup. Now, with another World Cup headed to North America, the league is poised for transformational change, with a flipped calendar to match those of other global leagues.
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Yet, MLS is also grappling with how to manage a growing divide between the league’s haves and have-nots regarding team revenue and player spending, as well as a group of owners who want revamped roster rules to spend more on players. Messi and Son are MLS’ two highest-paid players, while their teams have the league’s highest revenue, by far.
Over the last month, Sportico spoke with more than 60 people inside and outside of MLS, including owners, team executives, bankers, investors and media experts, to gauge the business of the league. The bifurcation of team revenue and valuations was a consistent theme, with a trio of macro changes coming between the flipped calendar, an earlier Apple deal expiration and potentially new MLS leadership.
The average MLS team is worth $767 million, by Sportico’s count, up 6% from last year. The gains are largely concentrated at the top of the financial table, fueled by investor interest and new facilities in the pipeline.
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Inter Miami ranks first at $1.45 billion, up a league-high 22% and ahead of LAFC, which led Sportico’s first four MLS valuations. LAFC is close behind at $1.4 billion, up 9%. The bottom 12 clubs inched up only 2% on average, and a trio of teams—the San Jose Earthquakes, Vancouver Whitecaps and CF Montréal—fell in value.
The 30 teams are collectively worth $23 billion, including real estate and team-related businesses held by owners, such as NWSL clubs in four markets. Our valuation estimates are based on control sales, versus limited partnership deals.
The average club rose 39% from Sportico’s first MLS valuations in 2021, while the least-valuable club is up only 13% during that time. For comparison, the NHL “get-in” price is up 217%, with the NBA (199%) close behind and the NFL (159%)…
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