The New York Yankees are once again Major League Baseball's most valuable franchise after Forbes valued them at $3.7 billion.

The Yankees have topped the list in every year since Forbes began compiling it 20 years ago.

The average club is now worth $1.54 billion, 19 percent higher than just a year ago.

Rounding out the top five most valuable are the Los Angeles Dodgers ($2.75 billion) Boston Red Sox ($2.7 billion), the Chicago Cubs ($2.675 billion) and the San Francisco Giants ($2.65 billion).