The Portland Timbers are the third most valuable franchise in Major League Soccer, according to an analysis published in Forbes Magazine.

The Timbers franchise is valued at $131 million. Only the LA Galaxy and the Seattle Sounders ranked higher, at $175 and $170 million respectively.

This is only the third season in the MLS for the Timbers, who now boast annual revenue of $39.1 million and an operating income of $9.4 million, according to the analysis.

The entire league is prospering, and benefiting from the surge of interest in soccer in the U.S. Ten of the league s 19 teams are making a profit, and early this year the league announced plans to expand to 24 teams by 2020, according to the report.

Another milestone took place in 2011, when average MLS attendance surpassed both the NBA and NHL. Attendance for MLS games now averages 18,611 fans per game.

The Portland Timbers advanced this year for the first time to the MLS playoffs. Portland dispatched Seattle 5-3 in aggregate in the first round. They host Real Salt Lake Sunday at 6 p.m. at Jeld-Wen field in the second leg of the Western Conference finals, trailing 4-2.

More: Complete Timbers Coverage

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