The economics of Major League Baseball are whacky, but it looks like owner Tom Hicks has it down. According to this report from Forbes, the Texas Rangers couldn’t manage a winning season in 2005 but they still made lots of money: operating income of $24.7 million on revenues of $153 million. That’s a return of 16 percent, which ain’t shabby. What’s more, Forbes pegs the Rangers’ overall value at $363 million (or more than 14 times cash flow–that’s a sweet multiple!). Compare this to the NY Yankees, who won 95 games and their division but managed to lose more than $50 million for owner George Steinbrenner. No worries, though; even though they are operating “in the red” the Yanks are still baseball’s most valuable franchise at $1.03 billion.