Phillies valued at $723 million

Lead Major League Baseball in attendance and in local television ratings and what do you get?

For the Phillies, the answer was a 19 percent increase in value to $723 million, fifth-highest in baseball, according to Forbes magazine's annual valuations.

The Phillies were valued at $609 million last year, the sixth-highest total in baseball and a 13 percent increase over 2010, according to Forbes.

Forbes said the Phillies had $249 million in revenue in 2011, but they were in the red in operating income by $11.6 in million.

According to the report, the Phillies also are in line for a substantial increase in local television revenue when their deal with Comcast SportsNet expires after the 2015 season.

Overall, the average value of teams has increased 16 percent from last year to an all-time high of $605 million.

The New York Yankees, worth $1.85 billion, lead the way for the 15th straight year since Forbes began valuing franchises in 1998.

Only two teams' values didn't increase: the New York Mets and the Tampa Bay Rays.

The Los Angeles Dodgers were second at $1.4 billion - an increase of 75 percent over last year. The reason is the Dodgers' local television deal expires after the 2013 season and a new deal could average $100 million per year.

The Boston Red Sox, Chicago Cubs and Philadelphia Phillies round out the top five.

The Mets lost 4 percent of their value amid legal and debt problems but are still sixth on the list at $719 million.