Other than the Green Bay Packers and Atlanta Braves, who have public ownership structures that require them to disclose limited financial data, major league teams are private businesses that closely guard their books. Sale prices typically leak or are disclosed, and details that affect team values such as national broadcast rights contracts and labor agreements are discussed in the open, so there are some known metrics. Still, with only limited data, how are those Forbes valuations created? How accurate are they? If a team isn’t on the market, are the valuations of any intrinsic value beyond curiosity, or do they simply confuse and anger fans of losing or cost-cutting teams worth billions of dollars?