Reds valued at $274 million Cincinnati Business Courier - 11:39 AM EDT Monday

It looks like the Cincinnati Reds' new owners paid a fair price for their acquisition.

Forbes, in its ranking of Major League Baseball teams, gave a valuation of $274 million for the team. That's an 8 percent improvement over the previous year. The trio of owners led by Robert Castellini purchased the controlling share in the team in January, based on a valuation of $270 million (the purchase price wasn't released).

Cincinnati was ranked 23rd out of 30 by valuation on the Forbes list. The New York Yankees, valued at more than $1 billion, occupied the top spot, far above the No. 2 Boston Red Sox, valued at $617 million. The Tampa Bay Devil Rays were ranked 30th, with a valuation of $209 million.

The Reds had $137 million in revenues for the 2005 season, and operating profit of $17.9 million according to the Forbes listing. In the latter category, the team ranked 14th of 30. Five teams had operating losses for 2005: the Yankees, Red Sox, New York Mets, Los Angeles Angels and Florida Marlins.