Sox Rival Cubs in Revenue

The annual Forbes valuation of baseball teams is in, and although the Cubs come in fifth in total valuation at $448 million, the numbers show a greater than expected parity for Chicago's baseball market. The White Sox are ranked 18th, with a value of $315 million, but the revenue gap between the two teams is much smaller.

The Cubs bring in $179 million in revenue to the White Sox' $157 million, and the White Sox operate at a larger profit -- $14 million larger. So why the big difference in valuation? It has to be real estate. The Cubs own Wrigley Field (that is to say, the Tribune owns Wrigley Field), while the Illinois Sports Facilities Authority owns The Cell. Close to $200 million has been invested in The Cell, but the White Sox don't own that equity. Furthermore, the Cubs operate without stadium debt, while the White Sox operate with stadium debt.

In that light, the difference between the two teams looks quite small. Lump the Cell in with the Sox and they're worth as much or more than the Cubs. They still lag in revenue, but not very much when you consider how relentlessly Tribune publications have promoted the Cubs as a tourist destination and scared tourists away from the White Sox for the last 24 years.

It's so unfair: you invest 24 years of media bias in a team, and the other team goes and wins a World Series to screw it all up.