Forbes released their annual Business of Baseball series yesterday. It shows by Forbes' calculations what the value of a franchise is, the percent change from the previous year, the debt-to-value percentage, plus the revenue for each club and the operating income. Operating income is defined by Forbes as the money left before taxes, interest, and depreciation.
By their calculations, Forbes ranks the Pirates 28th in Major League Baseball with a value of $336 million. The good news is that the value increased 11% from the previous year. Forbes has the Pirates with a 38% debt-to-value percentage, which puts their debt at approximately $127 million. The Pirates had a revenue stream of $168 million and operating income of $15.9 million. Again, operating income does not imply profit.