The value of the Kansas City Royals franchise climbed 5% during the past year to $1.11 billion, according to an annual Forbes estimate. Last year, the magazine pegged the team’s value at $1.06 billion.

The improved figure, which is primarily due to new revenue streams that will begin in 2023 now that a new collective bargaining agreement has been reached, ranked the team at No. 28 among Major League Baseball’s most valuable franchises. Kansas City had the same ranking last year.

The Royals finished one spot below the Oakland Athletics, which Forbes valued at $1.18 billion, and one spot ahead of the Tampa Bay Rays at $1.1 billion. At $990 million, only the Miami Marlins received a valuation of under $1 billion. All four teams are well below the average MLB team value of $2.07 billion calculated by Forbes.

The New York Yankees claimed the top spot in the rankings with a value of $6 billion, followed by the Los Angeles Dodgers at just under $4.1 billion and the Boston Red Sox at $3.9 billion. The St. Louis Cardinals, the Royals’ cross-state rival, also are on the top end of the spectrum, with the seventh-highest value of $2.45 billion, which is up 9% despite suffering a $34 million operating loss in 2021.

The Royals, which missed out on the playoffs for the sixth consecutive season since winning the World Series in 2015, were one of 19 MLB teams that Forbes said made an operating income (earnings before interest, taxes, depreciation and amortization) in the 2021 season. The magazine estimated that the team brought home $47 million in EBITDA — only eight teams made more money for their owners this past season — on revenue of $263 million.