Dolphins may not win many games, but they’re still valuable

You may be crying in your beer at some points during this upcoming Miami Dolphins season, but don’t shed any tears in that pricey Pilsner for team owner Steve Ross.

The Dolphins are again among the most valuable sports teams in the world, according to Forbes’ annual list, published Monday. They rank 33rd with a valuation of $2.58 billion.

That number is virtually on par with Forbes’ valuation of $2.575 billion for the team last year. But the Dolphins have been passed by a few teams on the list, dropping from No. 25 in 2018.

The Dolphins are the only South Florida team represented in the top 50, a list that highlights the earning power of the NFL. Twenty-six of the top 50 are football teams, with the Dallas Cowboys retaining the top spot (valued at $5 billion).

The New York Yankees rank second ($4.6 billion), followed by Spanish soccer powers Real Madrid ($4.24 billion) and Barcelona ($4.02 billion). The New York Knicks ($4 billion) rank fifth — which is little consolation to fans after their recent freeagency whiff.

Forbes says its team valuations reflect enterprise values (equity plus debt).

Among NFL teams, the Dolphins rank 17th, though pundits are far less bullish on their prospects on the field this year.

The financial publication reports that the Dolphins’ operating income over the past year was $56 million.

“The world’s richest sports teams are almost all swimming in cash these days,” the report says.

“Barcelona, which lost $37 million due to excessive player costs, was the only top-50 team to post a loss on an operating basis, and every other team turned a profit of at least $25 million. More than half of the teams made more than $100 million, led by the Cowboys at $365 million.

Of course, as anyone in business will remind you, a property’s true value is ultimately determined by how much somebody else is willing to pay for it.