ST. LOUIS – A new report from Forbes ranked all 30 MLB teams in value with some mixed meanings for the St. Louis Cardinals.

The Cardinals were ranked the league’s 10th-most valuable franchise heading into the 2023 season, though dropped three spots in rankings from one season ago.

The Cardinals franchise is worth $2.55 billion this year compared to $2.45 billion last year, according to Forbes. That marks an increased value of nearly 4%, which is the second-lowest among 2022 postseason squads and lower than the average 12% rise in value among MLB teams.

Perhaps the biggest setback for the Cardinals in these rankings is the recent bankruptcy filing of Diamond Sports Group, the entity that owns TV broadcast partner Bally Sports Midwest. The Cardinals had been on contract to make $1 billion through 2032 from their latest TV deal that took effect in 2017.

The bankruptcy filing puts the Cardinals at risk of having that TV contract restructured or downgraded, though operations have proceeded as usual with Diamond Sports owned-RSNs for now ahead of the new season.

That said, the Cardinals have grown from nearly $820 million in value to $2.6 billion over the past decade with an upward trend each season. Forbes reports a team operating income of $43 million for the upcoming season, higher than the past two campaigns.

Forbes offered the following insight on the Cardinals:

“Cardinals fans have long been among the most loyal in MLB, consistently placing the Cards in the top five teams when it comes to attendance. As it turns out Cardinals’ fans help the franchise have an impact on their city. A report from Greater St. Louis, Inc., Explore St. Louis, and the Downtown Engagement and Public Safety Initiative estimated the Cardinals would have an economic impact of over $300 million on the city. The Cardinals, like many teams are now doing, opened Ballpark Village in 2014, an entertainment site right next to the stadium that consists of bars, restaurants and activities to engage fans outside the stadium. The report states that Busch Stadium and Ballpark Village were responsible for slightly less than half of the estimated $300 million via direct impact, and that visiting fans would account for the other half, thanks to hotel stays, restaurant visits and general tourism.”