Pittsburgh's valuation rose 3.3% to $1.6B, but the Pirates remain in MLB's bottom quartile. of Forbes 2025 data, the median franchise now sits north of $2.3B—a $700M gap that reflects Pittsburgh's operational constraints. Revenue generation, not asset appreciation, drives the modest gain. The Pirates' payroll ranked 28th last season at $81M. Without material ballpark investment or playoff revenue catalysts, the franchise faces structural valuation headwinds relative to spending peers like the Yankees ($8B) and Dodgers ($6.2B). Nutting's 23-year ownership tenure has produced zero playoff appearances since 2015.