NHL franchise valuations up 37 percent: How much each is worth, per Sportico, and why they're rising

The average NHL franchise is now valued at a whopping $1.79 billion, up 37 percent in the past year alone.

That number is based on valuations from a report released Wednesday by Sportico, its fourth annual examination of franchise values around the league.

The Toronto Maple Leafs lead the way in franchise valuation estimate of $3.66 billion (or more than $5 billion Canadian), a number that comes in the wake of Bell selling its 37.5 percent share of parent company Maple Leaf Sports & Entertainment to Rogers for $3.46 billion USD last month.

The New York Rangers and Montreal Canadiens are the NHL’s next two most valuable franchises, at $3.25 billion and $2.93 billion, respectively.

At the bottom of the list are small-market franchises: the Columbus Blue Jackets, Winnipeg Jets and Buffalo Sabres. The Jets and Sabres have had attendance issues in recent years, including Winnipeg making national headlines for troubles at the gate last season.

Those three franchises were among the four teams that made the smallest gain in valuation, year over year:

Team	Valuation	Increase
Toronto Maple Leafs	$3.66 billion	38%
New York Rangers	$3.25 billion	33%
Montreal Canadiens	$2.93 billion	29%
Boston Bruins	$2.67 billion	50%
Los Angeles Kings	$2.5 billion	45%
Chicago Blackhawks	$2.45 billion	33%
Edmonton Oilers	$2.4 billion	51%
Philadelphia Flyers	$2.29 billion	35%
Washington Capitals	$1.86 billion	31%
Detroit Red Wings	$1.85 billion	35%
Tampa Bay Lightning	$1.8 billion	44%
Vegas Golden Knights	$1.77 billion	36%
Vancouver Canucks	$1.73 billion	44%
New Jersey Devils	$1.7 billion	47%
New York Islanders	$1.68 billion	49%
Dallas Stars	$1.65 billion	49%
Minnesota Wild	$1.6 billion	36%
Calgary Flames	$1.58 billion	39%
Colorado Avalanche	$1.57 billion	34%
Pittsburgh Penguins	$1.47 billion	37%
Seattle Kraken	$1.46 billion	30%
San Jose Sharks	$1.42 billion	34%
Nashville Predators	$1.32 billion	33%
St. Louis Blues	$1.3 billion	35%
Carolina Hurricanes	$1.29 billion	32%
Florida Panthers	$1.25 billion	37%
Anaheim Ducks	$1.24 billion	27%
Utah Hockey Club	$1.2 billion	78%
Ottawa Senators	$1.14 billion	20%
Buffalo Sabres	$1.13 billion	26%
Winnipeg Jets	$1.1 billion	19%
Columbus Blue Jackets	$1.06 billion	20%

The biggest gainer in franchise value over the past year is a small-market success story, though. Utah Hockey Club’s move from Arizona, where it had been playing in a tiny college arena, to Salt Lake City led to a boost in valuation of 78 percent — a number driven by owner Ryan Smith’s $1.2 billion purchase of the troubled franchise.

Other teams making large gains include the Edmonton Oilers (51 percent), Boston Bruins (50 percent), New York Islanders and Dallas Stars (both 49 percent). Arenas that opened in the past decade helped several franchises, including in Edmonton (opened 2016) and on Long Island (2021).

NHL team valuations still significantly trail those in other higher-profile sports, namely the NFL and NBA, where the average franchise values are listed by Sportico as $5.93 billion and $4 billion, respectively.

MLB franchises are closer to the NHL at an average of $2.64 billion. The average MLS franchise is worth $678 million.

Part of what has buoyed NHL franchise valuations is the league’s collective bargaining agreement and hard salary cap, which ensures a 50-50 revenue split between teams and players using an escrow system. A hard cap on player salaries means costs are fixed for owners, leading to a greater likelihood of profitability year to year.

Robust revenue sharing given to smaller-market clubs has helped keep all boats afloat, as well.

And the NHL’s last round of expansion, bringing in the Vegas Golden Knights and Seattle Kraken in 2017 and 2021, also helped bring up franchise valuations. The Golden Knights purchased their team for $500 million, won the Stanley Cup in 2023, and are now worth more than three times that figure. The Kraken’s expansion fee only four years later was significantly higher at $650 million, and the team is now worth more than double at $1.44 billion.

It’s led to speculation (including from commissioner Gary Bettman) that NHL franchises could be worth more than $2 billion when the next round of expansion opens.

Interestingly, the NHL’s most valuable franchises remain the oldest. The average valuation for the league’s storied Original Six Franchises is $2.8 billion, with all six teams among the top 10 in overall valuation, despite the fact that the Canadiens, Chicago Blackhawks and Detroit Red Wings are all mired in rebuilds.

The most valuable non-Original Six franchise remains the Los Angeles Kings, who started the NHL’s run of success in the U.S. sunbelt in the late 1980s when they acquired Wayne Gretzky from the Oilers.

Even with smaller market size and not having won a Stanley Cup as a group since 1993, the average Canadian franchise, meanwhile, is worth $2.08 billion, 21 percent more than the average American club.

U.S. franchises, however, are growing valuations at a higher rate, meaning they could close that gap in the years to come.

(Top photo of NHL commissioner Gary Bettman with Golden Knights owner Bill Foley: Ethan Miller / Getty Images)