TV is a good-sized portion, and the main reason why MLB revenues are exploding, but they are not the sole component of MLB team valuation. Regional network values are highly speculative, and the average annual rights fee paid to the teams are backloaded. Look at the Astros fiasco. They have an annual rights fee of $80 million, as well as an equity stake in the network. CSN still can't work a deal out with the cable companies to broadcast the Astros. CSN only paid out $29 million to the Astros before it went bankrupt. The Astros valuation fell 15% in one-year. Jim Crane claims that he's lost hundreds of millions from the TV deal. TV contracts are driving the values of MLB team up, but any prospective buyer would have to agree with the continued viability of a regional network. The Dodgers have to be worried about Direct TV, Cox, Verizon, Dish, AT&T, and Charter refusing to carry the Dodgers TV network. That's 70% of the Los Angeles TV market. The TV deal has to be on taking water. The $8.35 billion TV contract was a huge reason the Dodgers went for $2 billion. They are struggling to get the Dodgers on TV right off the bat. What does that say about that validity of that $2 billion valuation?
Focusing on TV value ignores the rest of the components that goes into valuation (ticket sales, concessions, sponsorships, etc.). It also ignores the amount of debt each team holds. The Yankees have a $2.5 billion value, but how much of that is debt that will have to be assumed by the buyer? Forbes has the Astros debt/value ratio is 49%. A $550 million value includes all that debt. We don't even know if that is an accurate number. The Yankees are only at 1% according to Forbes. Yankee Stadium LLC is the obligor of $1.34 billion in bonds that financed the stadium. Before the sale of the YES Network to Newscorp, the network was $1.4 billion in debt. The parent company of the Yankees are diverting expenses to other companies, and the profits to the team. They won't be so generous to the potential buyer.