Forbes: Yanks worth $1.6 billion

NEW YORK -- Yankees fans have another title to crow about.

The franchise that has won 27 World Series championships is now the most valuable brand in sports, according to Forbes magazine.

The New York Yankees name alone was judged to be worth $328 million toward the team's overall value, Forbes said in an article published online Tuesday. The magazine says the Yankees are worth $1.6 billion.

The Yankees beat out another team with a massive worldwide fanbase, English soccer team Manchester United, thanks to increased merchandise sales, improved local TV ratings on their own network, and the falling value of the British pound against the U.S. dollar.