Don Garber: MLS Teams Get Investors a ‘Good Return’

Major League Soccer commissioner Don Garber believes his teams are a good investment—despite more than half operating at a loss, according to Forbes estimates. 

In an interview with Front Office Sports Garber discussed the state of the league and said the prices his teams command since the league’s mid-90s inception shows how far it’s come and the financial opportunity for owners. 

“Now almost more than ever, I think when you look at the significant asset growth, the value of our teams over years, the original investment was a couple million dollars in 1996 and averaging now almost $700 million,” Garber told FOS. “It speaks to what these teams mean to the owners and those families and entrepreneurs and industrialists that look to make a name for themselves by supporting the growth of this beautiful game. And the good news is there’s a return on their investment. Whether there’s a team sale or a limited sale, over the last number of years, people who put money into MLS teams get a good return.”

LAFC is Forbes’ most valuable MLS franchise at a $1.25 billion valuation with $150 million in revenue and just $12 million in operating income. Golden State Warriors co-owner Peter Guber is one of LAFC’s owners. The club holds a small lead in valuation over the Lionel Messi-led Inter Miami F.C., which ranks No. 2 on the list with a $1.2 billion valuation, and $50 million in operating income—a 17% year-over-year increase. 

Of the 30 franchises, Forbes estimates that 16 are currently operating at a loss, with St. Louis F.C., the 14th most valuable franchise, serving as the cutoff line; it’s valued at $685 million and has an operating loss of $2 million. Team valuations increased by 5% year-over-year, according to Forbes, but down from the 14% bump they got in 2024, part of which likely came from the Messi effect. 

It’s been a few years since an MLS team has been sold. From June 2021 to January 2022, three clubs saw majority stakes sold as the Houston Dynamo, Real Salt Lake, and Orlando City SC all changed leadership in that span. All three sold for around $400 million. San Diego F.C., the league’s newest team which got its first win in franchise history on Sunday paid a record $500 million expansion fee in 2023. 

Perhaps the best test for Garber’s comments is coming. The Vancouver Whitecaps are currently for sale for the first time since the team’s 2009 inception. The Whitecaps are one of the lowest valued MLS franchises—Forbes estimates the team to be worth $440 million, which ranks 27th among the 30 franchises.