The Philadelphia Union, who made it to the MLS Cup game for the second consecutive year last season, rose five spots on Forbes' latest ranking of Major League Soccer club valuations.
The Union place 13th out of the league's 29 teams. The club ranked No. 18 on Forbes' latest MLS analysis conducted in 2019.
Forbes estimates the value of the Union at $575 million, up from $240 million four years ago.
The Union generated revenue of $54 million while recording a net loss of $8 million last year, according to Forbes.
The Union head into 2023 after coming tantalizingly close to their first league championship, losing in a shootout to Los Angeles Football Club (LAFC) after overcoming two deficits in the MLS Cup game in November.
This year's ranking also marks the first time a MLS club reached a 10-figure valuation with LAFC coming in at $1 billion to lead the list. LAFC joined MLS nine years ago, paying an expansion franchise fee of $110 million.
Since 2019, Forbes reports the average MLS team’s valuation has climbed 85% to $579 million.
The soccer league, which kicked off with 10 teams in 1996, is adding its 30th this season when St. Louis FC debuts later this month.
The Union, owned by Keystone Sports & Entertainment, began play in 2010. Jay Sugarman serves as majority owner and chairman of the club. Tim McDermott is the team's president.
In October, the Union unveiled plans to build a $55 million sports and recreation complex in Chester through a partnership with WSFS Bank. The 170,000-square foot WSFS Bank Sportsplex, featuring indoor and outdoor soccer fields, is part of the ongoing effort to develop and revitalize the Delaware River waterfront in Chester. It will span 32 acres between Subaru Park, the Union's soccer stadium, and the Union Power Plant office building.
“We believe this will make us a premier location for soccer on the East Coast, and elevate Chester and make its waterfront an iconic location for the region,” Sugarman said at the unveiling.