Sports today are a multi-billion business. It’s not enough for a team to just have titles or be famous, they have to make money big time. Some teams are able to survive well despite losing seasons due to unique deals. For example, the New York Islanders are basically still in business thanks to a deal for cable TV made 20 years ago. Of course, having a championship team means a successful one in terms of value but surprisingly, some teams can have multiple losing years yet somehow be able to have huge value. Often, it’s because of where they are, the markets in major cities adding to their cash flow. Other times, it’s the history of the club that gives it a legacy making it more valuable than it should. There’s also stadium revenue and other touches that increases the price more than one might think.

Every year, Forbes publishes a list of the top sports franchises and also spends time during the year updating each team for shifts and changes. Obviously, a championship can increase a value while a terrible year can drop another. Interesting is that NHL teams don’t tend to end up on these lists; the highest value one is the Rangers at $2 billion, a far cry from other major teams. From football to baseball to soccer, teams and clubs around the world can boast a value that is nothing short of astounding (especially if they’re not really that good). As of June of 2018, here are the 20 most valuable sports franchises in the world, but be aware of how easily these rankings can shift with the fortunes of a team.

20 Chicago Bears - $2.7 Billion

Bears fans have learned to live on heartache. Several times in the last few years, the Bears have shown amazing promise only for bad luck, injuries and terrible management moves to run them down to losing seasons. However, the fact they are one of the oldest teams in the NFL adds to their weight and a history that gives them more attention.

Being in the hot sports market of Chicago aids as well as even if they’re losing, fans can’t stop talking about them which adds to their popularity nationwide.

They still have a name to them for televised games and are able to pack in Soldier Field even if they’re bad. Thus, while the Bears haven’t exactly been roaring on the field, they still rank among the most valuable teams in the NFL.

19 New York Jets - $2.75 Billion

Yes, as hard as it is to believe, the team that has spent the last decade as the joke of the NFL is also one of the most valuable in the league. For that, they can thank the New York market, always a hot spot for sports as well as a good TV deal. They also have a good cash flow from MetLife Stadium that allows them to push their costs and debts down and are able to use that for some leverage deals. Their bad attendance is a sign of their horrific play despite some hopes of rebuilding themselves. Robert Wood Johnson is still intent on turning them into winners but smart not to go over the limit in making deals.

Fans will wish that the team could bounce back from their horrible times to get back into championship form but being in New York makes the Jets more valuable than they’d be elsewhere.

18 Boston Red Sox - $2.8 Billion

As one of the oldest teams in baseball, it’s only natural the Red Sox have been able to build their value on their name alone. Of course, they can also boast three World Series championships in the last decade plus to show they can back it up on the field. A big push is the popularity of Fenway, the oldest park in the country which even in the offseason attracts plenty of visitors in Boston. Boston itself is a huge sports market and the way the Red Sox do cross-promotion with the Patriots definitely helps them out. The fact is they remain an iconic team, always used well for big cable games and even non-Boston fans enjoying following their exploits. Still strong in contention, it’s likely the Red Sox can build on their success for more value increase (even if they’re still a long way off from their arch-enemies the Yankees).

17 San Francisco Giants - $2.85 Billion

The big reason for the Giants’ high spot is their market. San Francisco is a good sports town that’s seen an increase in attention thanks to the Golden State Warriors becoming a dynasty. The Giants themselves brought major glory, kicking off the decade by winning three World Series in five seasons. This naturally led to a huge push in revenue thanks to attendance and merchandising which continued with their playoff run in 2016. They took a hit thanks to their bad 2017 season but are trying to bounce back.

They still possess one of the best parks in MLB, which is a good tourist spot and move a lot of merchandise as well.

It’s their setting that helps the Giants rank among the most valuable teams in sports and while they’re not the same mini-dynasty they were just a few years ago, they still have plenty of worth left to them.

16 Chicago Cubs - $2.9 Billion

Despite their decades of woe, the Cubs have always had a good value in MLB. There’s the name, an iconic one that’s lasted a century as well as their place in Chicago, one of the hottest sports markets in the country. The team’s long-standing “Curse” actually gave an odd addition to their value as it became part of their mystique and legacy and yet retained a passionate fanbase supporting them. Also, there’s Wrigley Field, a classic ballpark that’s as much a tourist spot as a sport venue in Chicago. Naturally, finally winning the World Series has led to an increase in value for the Cubs with even non-Chicago fans eager to finally have a “World Champion Cubs” shirt or hat to boost merchandising up. The team continues to have promise of a return to form and even another title in the works. Thus, no longer coasting as “loveable losers,” the Cubs are true winners in terms of value.

15 Los Angeles Rams - $3 Billion

Moving to Los Angeles was a massive boon for the Rams. In one season, they went from 4-12 to 11—5 and securing their first playoff berth in 13 years. It was also a boost to their standing as they basically doubled in value in a single year. The big benefit was joining the lush L.A. market, hungry to have football back and thus pushed attendance, especially as the Rams kept winning. Right now, they’re waiting for the building of their new stadium which is playing some tricks on season ticket holders but still promising in attendance.

The Rams have proven their doubters wrong in turning the move to L.A. into a great turn, not just for the team but their worth.

With hopes of further success in 2018, the Rams may end up rising in the rankings in the future and show how a team move can end up with massive benefits.

14 San Francisco 49ers - $3 Billion

Here’s a case of a team coasting a lot on their past glories. In the 1980s, the 49ers transformed from a joke to a dynasty, winning four Super Bowls over that decade with another in 1995. They had a comeback a few years back with several playoff runs but their last few seasons have been pretty bad. However, the team is still able to work their past success well and leverage that for gaining crowds to the games. San Francisco has a great base and are able to make nearly three times in income what they spend and thus keep their books balanced well.

It adds up to how the team continues to coast on its great success of years past while hoping to build up their future and maybe prove they can get back to championship status.

13 Los Angeles Dodgers - $3 Billion

Considering they were basically bankrupt a few years ago, the Dodgers’ high place on this list is astounding. After a divorce of their previous owners nearly ruined the team, the Dodgers were taken by a group who have been investing wisely and using their past history to beef the team up. They benefit from the L.A. market and their long history in the city to keep up a passionate fanbase. Also helping are deals of sponsors in Dodgers Stadium with an asking price of $12 million helping in revenue. It took a bit but the Dodgers are recovering and 2017 boosted them majorly thanks to their record winning streak that helped put them back in contention.

They made it to the World Series and while they lost to the Astros, they still benefited from a huge fan support to get there. So the Dodgers have to stand as a great comeback story on and off the field to add another chapter to their great legacy.

12 Bayern Munich - $3.06 Billion

Most soccer teams coast on their familiarity with fans and long standing history to keep going. Bayern is unique in that they have the largest commercial value of any club in the world, generating $374 million in 2017. This gives them a zero debt, a rarity for any sports team.

They have the most successful history of championships in all of German football and benefit from being in the Allianz, one of the most famous stadiums on the planet.

The various smaller clubs attached adds to their value as they’re smart to keep their costs down while maintaining their on-field success. It all adds up to them increasing in their value each year and thus showcasing how they dominate not just in their native country but around the world in terms of money making.

11 Washington Redskins - $3.1 Billion

The big talk on the Redskins in the last few years has been about their controversial name. A possible change is still up in the air as Daniel Snyder is pouring millions into trying to help the team regain some of that past glory that allowed them to win three Super Bowls. The Washington market is the big factor here as the Redskins are seen as the biggest team around (despite how the Capitals just won the Stanley Cup) and the rich area adding to their appeal. They get revenue from their stadium as well and the name controversy actually leads to the strange bit of fans buying merchandise just in case a name change suddenly makes them collector’s items. Thus, while the debate on their name still rages, the fact remains that the Redskins are among the most valuable teams in the NFL.

10 Golden State Warriors - $3.1 Billion

The Warriors have gone from long forgotten to one of the most valuable teams in sports. After all, you go to four straight NBA Finals, with three of them victories, and you naturally see a huge increase in revenue. Merchandise sales are through the roof as well as ticket prices and it’s only expected to get bigger when their new arena opens in 2019. But the fact remains the Warriors can back it up with the best team in the NBA right now, guaranteeing big ratings for their games and a huge deal with Rakuten that’s the biggest jersey deal in the NBA now.

San Francisco has always been a hot market for teams and that pays off here with the Warriors. Thus, it’s no shock at all that the current dynasty of the league is now among the most valuable teams around.

9 New York Giants - $3.3 Billion

The Giants are a truly weird team. They have Eli Manning, a man who managed to beat Tom Brady in two Super Bowls and thus push them majorly. At the same time, they have had horrific seasons, ending 2017 at 3-13 and Manning hampered by bad play and injuries.

They benefit from the New York market, pushing themselves up majorly as a huge team and thus getting more attention nationwide.

The Giants continue to push themselves with hopes of rebuilding yet a lot of fans aren’t happy about their progress. They still have a huge cash flow to run with. Basically, it's the New York label that adds to their value more than the team’s current performance but if they can pull together for actual on-field success, their worth may end up increasing.

8 Los Angeles Lakers - $3.3 Billion

The Lakers can lay claim to several dynasties in NBA history. They had success in the 1970s and then the “Showtime” era of the ‘80s pushed them hard as mega-stars with five championships and boosted them huge. They rebounded with more titles in the 2000s and they remain a financial powerhouse in the NBA. Combine that with the hot Los Angeles market and it’s no shock the Lakers are major players when it comes to the most valuable teams in the NBA. They pay top dollar for talent and the fact the Staples Center is often home to celebrities watching games makes them more popular. Thanks to the hot L.A. market and that decorated history, the Lakers are able to maintain their dominance via their roster and celebrity influences to be another valuable franchise in the Hollywood area.

7 New York Knicks - $3.6 Billion

This may be a major surprise. Let’s face it, the Knicks haven’t exactly been setting the NBA on fire. Seven of their last ten seasons have been losing ones, finishing 2017-18 at 29-53. They had a divisional title in 2013 but eliminated in the playoffs fast. Their roster isn’t exactly made up of marquee names and attendance has been bad. Thus, the idea they’re worth over $3 billion has to have people doing a double-take. The fact is, being in New York automatically adds value to the Knicks. They still have a good TV deal and endless attention as any team playing in Madison Square Garden gives them a push and they’re hoping to rebuild. So as crazy as it sounds, the Knicks are the most valuable NBA team despite how they often don’t show it.

6 New England Patriots - $3.7 Billion

It’s almost hilarious to remember how the Patriots were once considered one of the worst teams in all of football. It all changed in 2002 when Bill Belichick and Tom Brady won the Super Bowl and began the most amazing dynasty in the NFL. Since then, they have been to eight more Super Bowls with four of them victories.

For Boston, a city long used to sports heartbreak, this success is naturally a huge source of pride and fans adore backing the Patriots.

True, this has led to controversies like “Deflategate” and others and some saying their success actually hurts the NFL. But it also makes them the most valuable franchise in the AFC and proving how winning so many trophies in so short a time means the Patriots are near the top of teams who have more than earned their value.

5 New York Yankees - $4 Billion

It’s often been joked that the Yankees had a payroll bigger than the GNP of some countries. It goes back to when they were dominating the sport in the 1950s and early ‘60s with multiple World Series trips and huge stars. They hit a serious slump in the later ‘60s and it took George Steinbrenner and his fortune to rebuild them. But when Steinbrenner was forced by a suspension to give up day-to-day control (including his infamous revolving door of managers), the team rebuilt into another powerhouse with several more championships. They last won the World Series in 2009 but thanks to their massive new stadium and great history, the Yankees still dominate as the team most associate with baseball. Thus, their history alone guarantees their wealth along with the great success they still enjoy today.

4 FC Barcelona - $4.06 Billion

Their motto is “more than a club” and they do their best to prove it. Barcelona is unique in that the supporters own it, giving it more of a familiar air than other soccer teams do. Their massive collection of trophies, including 3 FIFA World Clubs, has led to their star rising so even fans outside of Spain respect them. There is some issues, of course, as the team is situated in Catalonia, which has spoken for years of seceding from Spain. That’s led to friction among the ownership with debate on which side has more “claim” to the team. But put that aside and the huge success of Barcelona has led to their worth and the fact the fans have a stake in the team sets them apart from other teams on this list. It showcases how successful a franchise it is and why its worth is so huge.

3 Real Madrid - $4.09 Billion

The royal crown in their emblem isn’t just a nice symbol. It was bestowed upon them by King Alfonso XII in 1920 and Madrid continues to boast that legacy today. It was in the 1950s that the team became a powerhouse, winning five straight European Cups and considered arguably the best club of all time. Its success has continued over the decades as they continue to build up a passionate base and their rivalry with Barcelona always has the eyes of Spain watching their games.

Thanks to the way fans have a stake in the team, it builds up their popularity more and Madrid fans love to boast of their “royal” connections as an edge over their opponents.

Put it all together and the team is just ahead of Barcelona as the most valuable soccer club in Spain and showcases how amazing this team is in their home nation.

2 Manchester United $4.12 billion

As one of the oldest soccer clubs in England, Manchester United is as part of British culture as the Royal Family. The Red Devils have more trophies than any other club in the United Kingdom and fans chant their famous song with pride. The sight of their red jerseys are common as thousands flock to the Old Trafford to take in their games. Being part of MU is a source of serious pride among British footballers and has led to many becoming true stars in their native land. They briefly went public but most fans prefer them being private as the team is a British institution. You can’t go anywhere in England without seeing their merchandise sold and it showcases how Manchester’s massive on-field success combines with their brand name for the most valuable soccer team in the world.

1 Dallas Cowboys - $4.15 Billion

Some may feel that “America’s Team” is a bit much in terms of spending money. Jerry Jones has long been criticized of spending wildly on bad talent and caring more for the team being famous than actual winners. To be fair, he was responsible for a revival of Dallas in the ‘90s as a powerhouse that won three Super Bowls. However, the team has faltered badly with several bad seasons and injuries to star Tony Romo, not helped by Jones spending money on guys who don’t lead to success.

True, the Cowboys have had some recent success with NFC East titles in 2014 and 2016 but couldn’t close it out in the playoffs. However, Jones’ massive wealth has built up the team nicely with the always-passionate fanbase and one of the best stadiums in the NFL. The result is a team whose worth is mostly due to its name and one can wonder how much more they’d be worth if they actually got to a Super Bowl.