OWINGS MILLS — The Ravens are one of the most valuable sports franchises in the world, according to the latest research by Forbes.

The Ravens ranked 28th of the top 50 international franchises at an estimated value of $4.63 billion, up two spots from the previous year. The Ravens were purchased by Stephen Bisciotti in 2004 for $600 million and now have a five-year change in value at 79 percent.

The Dallas Cowboys were ranked No. 1  with an estimated value of $9 billion, followed by the New York Yankees ($7.1 billion), Golden State Warriors ($7 billion), New England Patriots ($7 billion) and Los Angeles Rams ($6.9 billion).

Of the 50 teams in the rankings, NFL franchises held 30 spots, ahead of international soccer teams (7), NBA teams (6), MLB (3) and Formula 1 (2).

This profitability is good news for the Ravens’ long-term outlook in Baltimore. The Ravens are in the process of a massive overhaul of M&T Bank Stadium that could boost profits even more.

In January, the Ravens signed a new lease at M&T Bank Stadium that will keep them in Baltimore until at least the end of the 2037 NFL season.

Under the deal, the state allocated  $600 million in bonds for improvements for both Oriole Park at Camden Yards and M&T Bank Stadium.

The Ravens are allocating about $430 million of the $600 million of state funds for stadium improvements.

Some of the improvements slated for 2024 are:

• A new, two-tier Gatehouse with a sports bar and video screens for fans to mingle during and after every home game. The Gatehouse is located on the stadium’s east side just outside Gate B.
• A new area called “The Blackwing” will feature 10 individual suites connected to a private club that includes concierge service, food and drinks, fully staffed bars, and a pastry chef. The Blackwing will also be open to members on non-game days.
• A revitalized North Plaza that will include an open-air tailgate and concert venue with three levels, a main stage, and an indoor sports bar. The east structure will feature 7,000 square feet of retail space with a second-floor hospitality area that has Ravens artifacts and memorabilia.
• A new “South Club” for individual and corporate members will provide a view of the Ravens’ player tunnel at the 50-yard line, and access to live head coach and player postgame press conferences.
• The “North Club” at the field level will be situated at the 50-yard line with a limited number of field seats available and will feature a social sports bar area with seating, screens, and climate control throughout the game.
• The “End Zone Club” membership provides access to two featured bars that will operate before and after the game.

“In connection with the extension of our lease, we are grateful to partner with the state of Maryland and Maryland Stadium Authority for this significant investment,” Ravens president Sashi Brown said. “M&T Bank Stadium is not just home to the Ravens, but it’s an epicenter of excitement, opportunity and Maryland pride. … This renovation program positions M&T Bank Stadium as a venue that will continue to provide Ravens fans with one of the best gameday experiences in all of sports, while also attracting world-class concerts and other live events to Maryland.”