The Toronto Blue Jays are the fourth least valuable franchise in Major League Baseball according to Forbes magazine.

In its annual rankings, the Jays are estimated to be worth $337 million (U.S.), up $11 million from 2010, but well behind their two “big market” rivals in the American League East; the New York Yankees ($1.7 billion) and Boston Red Sox ($912 million), who are ranked as the two richest teams in the sport.

The Jays check in at No. 27, with their value nearly $200 million less than the $523 million average for an MLB franchise.

However, the team’s current worth is also $200 million more than the $137 million Rogers Communications paid for the franchise in 2000.

According to the magazine, increased revenues from new stadiums and regional sports networks boosted MLB revenues to $6.1 billion and upped the average worth of each franchise by 7 per cent from last year.

Attendance at Jays games dropped from 1.876 million in 2009 to 1.495 million but that loss in revenue was partially offset by an estimated payroll drop from $80 million to $62 million.

As for the Jays’ other division rivals, the Baltimore Orioles are reportedly worth $411 million (No. 18) and the Tampa Rays are worth $331 million (No. 28).

The Yankees’ value is second only to the NFL’s Dallas Cowboys ($1.8 billion) among North American sports teams. According to the magazine, the team generated $325 million from tickets and luxury suites and added $85 million from sponsorship deals. On top of that, the YES network, on which the team has a 34 per cent share, brought in $400 million in revenue.

Among Toronto teams, the Maple Leafs ($505 million) were valued as the most valuable hockey franchise by Forbes last December while the Raptors ($399 million) were ranked No. 10 in the NBA in January.