The numbers do not lie. They deceive. Forbes released its 2026 Major League Soccer valuation list this morning. The data suggests a league in hyper-growth. Inter Miami and LAFC have breached the billion dollar ceiling. The average club is now worth $720 million. This represents a staggering 15 percent increase over the last twelve months. It is a valuation model built on scarcity and the looming shadow of the 2026 World Cup. Investors are no longer buying soccer teams. They are buying call options on American land and media rights.
The Scarcity Premium and Accounting Gymnastics
MLS operates as a single-entity structure. This is the secret sauce. It eliminates the existential threat of relegation. In the English Premier League, a bad season can wipe out $150 million in value overnight. In MLS, failure is subsidized. Owners trade at multiples that would make a Silicon Valley SaaS founder blush. We are seeing revenue multiples of 8x to 10x. For context, top European clubs typically trade between 3x and 5x revenue. The premium exists because the entry gates are locked. With the league capping expansion, the only way in is to overpay an existing billionaire.
The Apple TV media deal remains the bedrock of these valuations. It is a ten-year, $2.5 billion gamble on digital streaming. Unlike traditional broadcast deals, this one relies on a global subscription model. Skeptics point to the lack of transparency in subscriber churn. However, the market views the certainty of the cash flow as a de-risking mechanism. When you remove the risk of falling into a lower division, the floor of the asset value rises regardless of the product on the pitch.
The Most Valuable MLS Franchises 2026
Valuation Comparison of Top MLS Franchises (Billions USD)
The Messi Effect and the Post-Star Vacuum
Lionel Messi changed the math. Inter Miami’s valuation surge is a direct result of the Argentine’s arrival in 2023. Commercial revenue for the club has tripled. Every away match is a sold-out event with dynamic pricing that rivals Taylor Swift concerts. But there is a technical rot beneath the glitz. Messi’s contract is a finite resource. The league is currently grappling with how to maintain these valuations once the greatest player in history retires. The fear is a sharp correction in ticket demand and Apple TV subscriptions.
Institutional money is betting against that correction. Private equity firms like Ares Management have poured hundreds of millions into the league’s infrastructure. They are betting on the 2026 World Cup as a permanent catalyst. The goal is to convert casual observers into lifetime season ticket holders. If the conversion rate fails, these billion-dollar valuations will look like artifacts of a low-interest-rate fever dream that lingered too long.
| Club | 2026 Valuation ($M) | 1-Year Change | Revenue ($M) |
|---|---|---|---|
| LAFC | 1,200 | +12% | 165 |
| Inter Miami | 1,150 | +15% | 158 |
| Atlanta United | 1,050 | +8% | 125 |
| LA Galaxy | 1,000 | +10% | 110 |
| NYCFC | 950 | +14% | 98 |
Real Estate or Athletics
Look at the stadium deals. That is where the real value hides. Most MLS clubs are now real estate developers that happen to own a soccer team. St. Louis City SC and Austin FC have built entire entertainment districts around their pitches. These are 365-day-a-year revenue engines. They generate income from concerts, retail, and luxury residential units. The soccer match is simply the loss leader that drives foot traffic.
The financial disclosures of related holding companies show that the appreciation of the land often outpaces the appreciation of the brand. This is the ultimate hedge. Even if the league’s quality of play stagnates, the dirt beneath the stadium remains a Tier-1 asset in growing urban hubs. Investors are pricing in the gentrification of American sports culture.
Watch the June 11, 2026, World Cup opening match at MetLife Stadium. That date is the ultimate stress test for this entire economic thesis. If the domestic audience numbers do not show a structural shift in the weeks following the final, the current $720 million average valuation will be the high-water mark for the decade.
