Ice hockey\u2019s business is heating up, with two clubs now worth at least $4 billion and the league\u2019s 32 franchises averaging $2.2 billion\u2014more than double where they were just three years ago.<\/p>\n
Heartbreak has become all too familiar for the Toronto Maple Leafs, winners of 13 Stanley Cups across their 109-year history\u2014although none since 1967, the NHL\u2019s longest title drought.<\/p>\n
But while it may offer little solace to a passionate fan base still smarting from a second-round playoff exit in May, the Maple Leafs are starting to look like a dynasty in a different kind of competition.<\/p>\n
For the third straight year, Toronto is the NHL\u2019s most valuable team, rising 16% to an estimated $4.4 billion. The Maple Leafs are one of two hockey franchises worth at least $4 billion, along with the New York Rangers, just a year after the sport broke the $3 billion barrier<\/a> and four years after it first reached $2 billion<\/a>.<\/p>\n That growth extends across the league, with the 32 NHL clubs\u2019 average valuation climbing 15% year-over-year to $2.2 billion. The increase follows even larger jumps in each of the last two years, leaving teams worth more than double the $1 billion average from 2022<\/a>.<\/p>\n Even the NHL\u2019s least valuable team\u2014the Columbus Blue Jackets\u2014is up 30% since 2024, to $1.3 billion, meaning that the league\u2019s floor now exceeds the entry price in MLB, where Forbes valued the Miami Marlins at $1.05 billion<\/a> in March. While both leagues had a financial cellar of $1 billion last year, this is the first time that the hockey list\u2019s basement dweller has topped baseball\u2019s since Forbes began publishing sports team valuations in 1998.<\/p>\n Of course, the NHL can\u2019t match MLB at the top of the economic leaderboard, where four baseball teams surpass the Maple Leafs, led by the $8.2 billion New York Yankees. Nor, for that matter, is the NHL on a level with the NFL<\/a> or the NBA<\/a>, two leagues that have a combined 50 franchises worth more than Toronto.<\/p>\n But there are plenty of reasons to buy into hockey\u2019s growth story. For starters, Forbes estimates that every NHL franchise was profitable during the 2023-24 season, with operating income averaging $74 million and ranging from the Buffalo Sabres\u2019 $11 million to the Edmonton Oilers\u2019 $244 million\u2014one of the best marks in any sport<\/a>. By contrast, two NBA teams and 11 MLB teams, as well as 16 of MLS\u2019s 29 clubs<\/a>, were in the red last season, according to Forbes estimates.<\/p>\n Meanwhile, the NHL\u2019s business has continued to expand in a new era of labor peace, with the league and the players\u2019 union ratifying a collective bargaining agreement in July\u2014no small accomplishment in a sport that lost the entire 2004-05 season and parts of 2012-13 because of lockouts. Despite turbulence with regional sports networks<\/a> that has cost some franchises lucrative local media rights deals, NHL teams averaged $248 million in revenue last season, surging 34% in three years, according to Forbes estimates.<\/p>\n Fueling those gains has been an overhauled approach to sponsorship, including the introduction of corporate logos on helmets and uniforms in 2021 and 2022. According to research firm SponsorUnited<\/a>, 27 of the NHL\u2019s 32 teams have partners for their jerseys, and 31 do for their headgear. Just as significant was 2022\u2019s launch of digitally enhanced dasherboards, which allow broadcasters to replace the ads painted around NHL rinks and were expected to generate about $200 million last season.<\/p>\n Add it all up, and most league insiders believe that investors\u2019 appetite for hockey clubs is increasing, as evidenced by the revenue multiples in Forbes\u2019 valuations. Three years ago, Forbes valued the 32 franchises at 5.6 times the prior season\u2019s revenue. Now, that number stands at 8.9x, reaching all the way to 12.4x in the case of the Rangers.<\/p>\n Again, the NHL isn\u2019t in the same league as the NFL (where the average multiple is 10.7 times trailing-year revenue) or the NBA (12.9x). But it has surpassed MLB (6.4x) and is in range of the 9.3x figure in MLS, a sport much earlier on its maturation curve.<\/p>\n To justify that demand, the NHL will need to keep growing, and without the benefit of entirely new sponsorship inventory like uniform sponsors or digital dasherboards. The league has already had success on the margins, however, recently signing its first luxury watch partnership with the Swiss brand Norqain (which was cofounded by a former NHL player and counts Pittsburgh Penguins captain Sidney Crosby as an investor<\/a>) and becoming the first major North American sports league to announce partnerships with prediction markets Kalshi<\/a> and Polymarket<\/a>. At the local level, teams collectively raised their sponsorship revenue 9% last season, according to SponsorUnited estimates<\/a>.<\/p>\n The NHL also sees opportunities internationally and with its media rights.<\/p>\n In November, the league opened an office in Zurich to help cultivate its European fan base and sponsor pool, and its players will compete in high-profile tournaments on the world stage at the 2026 Winter Olympics and the 2028 World Cup of Hockey, with plans to hold more regular-season NHL games overseas in the coming years as well.<\/p>\n Closer to home, the NHL announced a new 12-year Canadian broadcast deal with Rogers Communications in April for nearly $8 billion at the current exchange rate\u2014more than doubling the average annual value of the league\u2019s existing agreement\u2014and the value of the agreement could wind up even higher if the league is able to upsell French-language and single-night national packages that it reserved for potential sub-licensing.<\/p>\n The deal is an encouraging sign for the future of the NHL\u2019s U.S. media rights\u2014its current ESPN and TNT agreements, worth an average of roughly $630 million a year, are set to expire in 2028\u2014and the league has also been heartened by Canadian teams\u2019 ability to negotiate higher local media rights fees despite the rocky regional sports network landscape south of the border.<\/p>\n At the same time, the NHL and its teams will have additional inventory to peddle to television networks\u2014along with opportunities to sell more tickets and hot dogs\u2014when the new collective bargaining agreement takes effect. In exchange for shortening the preseason, players agreed to extend the schedule to 84 games, from 82, starting in 2026-27.<\/p>\n For now, the valuation increases are largely hypothetical because there haven\u2019t been any control sales of NHL teams this year, after two clubs changed hands in 2023 (the Nashville Predators in a multi-phase deal for about $880 million<\/a> and the Ottawa Senators for $975 million<\/a>) and another two traded in 2024 (the Arizona Coyotes for $1.2 billion<\/a>, eventually becoming the Utah Mammoth, and the Tampa Bay Lightning for $1.8 billion). But there are a few deals looming that could put hockey\u2019s new financial math to the test.<\/p>\n Tom Dundon is believed to be nearing an agreement to sell a significant minority stake in the Carolina Hurricanes, and Fenway Sports Group has had the Pittsburgh Penguins on the block since January, although it is unclear whether the group will ultimately sell a majority or minority stake. Next year, meanwhile, Rogers Communications\u2014which owns 75% of Maple Leaf Sports and Entertainment, the parent of not only the NHL team but also the NBA\u2019s Toronto Raptors, MLS\u2019s Toronto FC and the Canadian Football League\u2019s Toronto Argonauts\u2014is expected to exercise an option to buy the rest of MLSE from billionaire Larry Tanenbaum<\/a>.<\/p>\n Then there is the question of expansion. The NHL, which saw the Seattle Kraken take the ice in 2021 for a $650 million fee, has no formal plans to swell beyond 32 teams, but commissioner Gary Bettman has teased the idea, telling CNBC last month<\/a> that the league\u2019s existing owners have made clear that any expansion fee would have to \u201cstart with a two\u201d\u2014as in $2 billion. And any successful bid would likely have to include a new arena, which could tack on a capital investment of $1 billion.<\/p>\n It would be a big score for a league that thinks it is already on the power play.<\/p>\n 2025 NHL TEAM VALUES\n<\/p>\n #1. $4.4 billionOne-Year Change: 16% | Revenue: $375 million | Operating Income: $191 million | Owners: Rogers Communications<\/a>, Larry Tanenbaum<\/a><\/p>\n Thomas Skrlj\/NHLI\/Getty Images<\/p>\n #2. $4 billionOne-Year Change: 14% | Revenue: $322 million | Operating Income: $182 million | Owner: Madison Square Garden Sports<\/p>\n Vitor Munhoz\/NHLI\/Getty Images<\/p>\n #3. $3.4 billionOne-Year Change: 13% | Revenue: $320 million | Operating Income: $136 million | Owner: Molson family<\/p>\n Reuben Polansky Shapiro\/NHLI\/Getty Images<\/p>\n #4. $3.2 billionOne-Year Change: 21% | Revenue: $431 million | Operating Income: $244 million | Owner: Daryl Katz<\/a>#5. $3.1 billionOne-Year Change: 7% | Revenue: $333 million | Operating Income: $129 million | Owner: Philip Anschutz<\/a>#6. $2.9 billionOne-Year Change: 7% | Revenue: $275 million | Operating Income: $73 million | Owner: Jeremy Jacobs<\/a>#7. $2.8 billionOne-Year Change: 14% | Revenue: $272 million | Operating Income: $95 million | Owner: Danny Wirtz<\/a><\/p>\n Melissa Tamez\/Icon Sportswire\/Getty Images<\/p>\n #8. $2.7 billionOne-Year Change: 17% | Revenue: $315 million | Operating Income: $124 million | Owner: Comcast<\/a>#9. $2.55 billionOne-Year Change: 19% | Revenue: $282 million | Operating Income: $92 million | Owner: Ted Leonsis<\/a>#10. $2.5 billionOne-Year Change: 18% | Revenue: $250 million | Operating Income: $69 million | Owner: Marian Ilitch<\/a>#11. $2.4 billionOne-Year Change: 14% | Revenue: $303 million | Operating Income: $98 million | Owners: Josh Harris<\/a>, David Blitzer<\/a><\/p>\n Rich Graessle\/NHLI\/Getty Images<\/p>\n #12. $2.3 billionOne-Year Change: 15% | Revenue: $250 million | Operating Income: $70 million | Owner: Tom Gaglardi<\/a>#13. $2.2 billionOne-Year Change: 19% | Revenue: $250 million | Operating Income: $77 million | Owner: Bill Foley<\/a>#14. $2.15 billionOne-Year Change: 10% | Revenue: $235 million | Operating Income: $55 million | Owner: Aquilini Investment Group#15. $2.1 billionOne-Year Change: 11% | Revenue: $220 million | Operating Income: $50 million | Owners: Jon Ledecky, Scott Malkin#16. $2.05 billionOne-Year Change: 14% | Revenue: $240 million | Operating Income: $60 million | Owners: Jeffrey Vinik, Doug Ostrover<\/a>, Marc Lipschultz<\/a><\/p>\n Mike Carlson\/Getty Images<\/p>\n #17. $2 billionOne-Year Change: 60% | Revenue: $218 million | Operating Income: $41 million | Owner: Tom Dundon#18. $1.95 billionOne-Year Change: 15% | Revenue: $222 million | Operating Income: $47 million | Owner: E. Stanley Kroenke<\/a>#19. $1.9 billionOne-Year Change: 15% | Revenue: $210 million | Operating Income: $70 million | Owner: N. Murray Edwards<\/a><\/p>\n Steph Chambers\/Getty Images<\/p>\n #20. $1.85 billionOne-Year Change: 16% | Revenue: $235 million | Operating Income: $66 million | Owner: Samantha Holloway#21. $1.8 billionOne-Year Change: 16% | Revenue: $240 million | Operating Income: $68 million | Owner: Craig Leipold#22. $1.75 billionOne-Year Change: 0% | Revenue: $230 million | Operating Income: $60 million | Owner: Fenway Sports Group#23. $1.7 billionOne-Year Change: 21% | Revenue: $230 million | Operating Income: $45 million | Owner: Vincent Viola<\/a><\/p>\n Christian Petersen\/Getty Images<\/p>\n #24. $1.6 billionOne-Year Change: 7% | Revenue: $203 million | Operating Income: $35 million | Owner: Bill Haslam<\/a>#25. $1.55 billionOne-Year Change: 7% | Revenue: $208 million | Operating Income: $20 million | Owner: Tom Stillman#26. $1.5 billionOne-Year Change: 11% | Revenue: $182 million | Operating Income: $28 million | Owner: Hasso Plattner<\/a><\/p>\n Nick Wosika\/Icon Sportswire\/Getty Images<\/p>\n #27. $1.45 billionOne-Year Change: 21% | Revenue: $195 million | Operating Income: $32 million | Owners: Ryan and Ashley Smith<\/a>#28. $1.4 billionOne-Year Change: 8% | Revenue: $185 million | Operating Income: $26 million | Owners: Henry and Susan Samueli<\/a>#29. $1.375 billionOne-Year Change: 20% | Revenue: $181 million | Operating Income: $21 million | Owner: Michael Andlauer<\/a><\/p>\n Reuben Polansky Shapiro\/NHLI\/Getty Images<\/p>\n #30. $1.35 billionOne-Year Change: 29% | Revenue: $187 million | Operating Income: $26 million | Owner: True North Sports & Entertainment#31. $1.325 billionOne-Year Change: 20% | Revenue: $175 million | Operating Income: $11 million | Owners: Terry and Kim Pegula<\/a>#32. $1.3 billionOne-Year Change: 30% | Revenue: $161 million | Operating Income: $19 million | Owners: John McConnell<\/a>, Nationwide<\/a>METHODOLOGY<\/p>\n Forbes\u2019 NHL team valuations are enterprise values (equity plus net debt) and reflect the economics of each team\u2019s arena (including non-NHL revenue that accrues to the team\u2019s owner) but not the value of the real estate itself. Team values also exclude other related businesses with separate financial statements, such as ancillary real estate developments or team-owned regional sports networks.<\/p>\n Revenue and operating income (earnings before interest, taxes, depreciation and amortization) are estimated for the 2024-25 regular season and are net of revenue sharing and arena debt service. Playoff revenue is excluded.<\/p>\n Team values are rounded to the nearest $25 million, and revenue and operating income estimates are rounded to the nearest $1 million. All figures are in U.S. dollars based on the average U.S.-Canada exchange rate during the 2024-25 season (1 CAD = 0.73 USD).<\/p>\n The information used to compile Forbes\u2019 valuations primarily came from interviews with team and league executives, bankers, advisors and consultants, as well as public documents, such as arena lease agreements and bond documents.<\/p>\n More From ForbesForbesThe NHL\u2019s Highest-Paid Players 2025By Brett Knight<\/a>ForbesAnaheim Ducks Owner Henry Samueli Is Investing $1 Billion In City-Owned ArenaBy Matt Craig<\/a>ForbesAmerica\u2019s Richest Sports Team Owners 2025By Justin Birnbaum<\/a>ForbesHow Modern Sports Arenas Make Millions More By Building Fewer Luxury SuitesBy Brett Knight<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Ice hockey\u2019s business is heating up, with two clubs now worth at least $4 billion and the league\u2019s…\n","protected":false},"author":2,"featured_media":349891,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[5,19857,46658,46657,19855,8398,35,4,19853,8396,46656,31],"class_list":{"0":"post-349890","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-nhl","8":"tag-hockey","9":"tag-hockey-team-values","10":"tag-hockey-valuations","11":"tag-hockeys-most-valuable-teams","12":"tag-most-valuable-hockey-teams","13":"tag-most-valuable-nhl-teams","14":"tag-new-york-rangers","15":"tag-nhl","16":"tag-nhl-team-values","17":"tag-nhl-valuations","18":"tag-nhls-most-valuable-teams","19":"tag-toronto-maple-leafs"},"share_on_mastodon":{"url":"https:\/\/channels.im\/@nhl\/115700831576154877","error":""},"_links":{"self":[{"href":"https:\/\/www.rawchili.com\/nhl\/wp-json\/wp\/v2\/posts\/349890","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rawchili.com\/nhl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rawchili.com\/nhl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rawchili.com\/nhl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rawchili.com\/nhl\/wp-json\/wp\/v2\/comments?post=349890"}],"version-history":[{"count":0,"href":"https:\/\/www.rawchili.com\/nhl\/wp-json\/wp\/v2\/posts\/349890\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.rawchili.com\/nhl\/wp-json\/wp\/v2\/media\/349891"}],"wp:attachment":[{"href":"https:\/\/www.rawchili.com\/nhl\/wp-json\/wp\/v2\/media?parent=349890"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rawchili.com\/nhl\/wp-json\/wp\/v2\/categories?post=349890"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rawchili.com\/nhl\/wp-json\/wp\/v2\/tags?post=349890"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}