Forbes: Yankees still MLB's most valuable franchise

George Steinbrenner's initial investment of just under $9 million in 1973 continues to pay off.

The New York Yankees have once again topped Forbes' list of the most valuable baseball franchises, as they have every year since the list was first published in 1998. Forbes' 2016 valuation pegged the historic team's worth at approximately $3.4 billion.

In an incredible gulf illustrating just how mighty the franchise's bank account remains despite just one playoff appearance since 2012, baseball's second-most valuable team, the Los Angeles Dodgers, is estimated to be worth just $2.5 billion.

The Boston Red Sox ($2.3 billion), San Francisco Giants ($2.25 billion), and Chicago Cubs ($2.2 billion) round out the sport's top five most valuable teams.

Winning last year's World Series boosted the Kansas City Royals' worth to $865 million, a nearly 24 percent increase from 2015. A 4 percent increase in value didn't help the Tampa Bay Rays, however, as they were once again named the sport's least valuable franchise.

Here is the full list of Forbes' most valuable MLB franchises: