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#22 Baltimore Ravens

Team Value

$5BCalculated August 2024

Owner(s)

Stephen Bisciotti

Championships

Year Purchased

2004

Price Paid

$600M

Revenue

$590M

Operating Income

$77M

Debt/Value

Player Expenses

$345M

Gate Receipts

$85M

Wins-to-player cost ratio

141

Revenue per Fan

$53

Metro Area Population

2.8M

Media partners

tv: WBAL TV; radio: WBAL-1090AM, 98 Rock, WBAL 101.5 FM, ESPN 630 AM

Revenues and operating income are for the 2023 season and net stadium debt service.

Footnotes

Revenues and operating income are for the 2023 season and net stadium debt service.

1. Enterprise value (equity plus net debt) of team based on current stadium deal (unless new stadium is pending).
2. Net of stadium revenues used for debt payments.
3. Earnings before interest, taxes, depreciation and amortization.
4. Includes stadium debt.
5. Includes benefits and bonuses.
6. Includes club seats.
7. Compares the number of wins per player payroll relative to the rest of the NFL. Playoff wins count twice as much as regular season wins. A score of 120 means that the team had 20% more victories per-dollar of payroll compared with the league average.
8. Local revenues divided by metro population, with populations in two-team markets divided in half.

The Ravens are set to embark on a series of renovations over the next three years in an effort to bring M&T Bank Stadium into the future. The club will be adding several new premium locations throughout the stadium, as well as new field seats that will give fans a true up-close experience. Baltimore is also redesigning the main entrance to the stadium, and adding a multi-level social space that will be open before, throughout, and after games. The latest estimate for the renovations stood at $430 million.

Valuation Breakdown

9. Portion of franchise's value attributable to revenue shared among all teams.

10. Portion of franchise's value attributable to its city and market size.

11. Portion of franchise's value attributable to its stadium.

12. Portion of franchise's value attributable to its brand.

Value Change

1-YEAR CHANGE

11%

ANNUALIZED CHANGE

13. Current team value compared with latest transaction price.

Value¹

$5B

Revenue²

$590M

Operating Income³

$77M

Player Expenses⁵

$345M

Win-to-Player Cost Ratio⁷

141

1. Enterprise value (equity plus net debt) of team based on current stadium deal (unless new stadium is pending).

2. Net of stadium revenues used for debt payments.

3. Earnings before interest, taxes, depreciation and amortization.

5. Includes benefits and bonuses.

7. Compares the number of wins per player payroll relative to the rest of the NFL. Playoff wins count twice as much as regular season wins. A score of 120 means that the team had 20% more victories per-dollar of payroll compared with the league average.