Tom Ricketts

File: Tom Ricketts talks about his family's ownership of the Chicago Cubs baseball club during a news conference at Wrigley Field in Chicago. (AP Photo/Jim Prisching)

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The Chicago Cubs are Major League Baseball's fourth most valuable team, worth $1 billion, according to a survey released by Forbes on Wednesday.

The Ricketts family paid about $900 million for the Cubs in 2009 in a deal that included historic Wrigley Field. Last year, the business magazine put the team's value at a mere $879 million.

For the 16th consecutive year, the New York Yankees are baseball's most valuable team, appraised at $2.3 billion, more than triple the average MLB team value.

Forbes ranked the White Sox as MLB's 11th most valuable team. The magazine estimates the South Side club's current value is $692 million.

The average MLB team is worth $744 million, according to Forbes, a 23 percent boost from last year.

The Los Angeles Dodgers ranked second on the list ($1.6 billion). The Boston Red Sox came in third ($1.3 billion), followed by the Cubs ($1 billion) and the Philadelphia Phillies ($893 million) rounding out the top five.

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