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

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

That number is based on ratings from a report released Wednesday by Sportico, the fourth annual examination of franchise values ​​across the league.

The Toronto Maple Leafs lead the way in estimated franchise valuation of $3.66 billion (or more than $5 billion Canadian), a figure derived from the sale of Bell's 37.5 percent stake parent company Maple Leaf Sports & Entertainment sold to Rogers for $3.46 billion, according to USD last month.

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

At the bottom of the list are smaller franchises: the Columbus Blue Jackets, Winnipeg Jets and Buffalo Sabres. The Jets and Sabers have struggled with attendance issues in recent years, with Winnipeg making national headlines last season for problems at the goal.

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These three franchises were among the four teams that achieved the lowest year-over-year value gain:

However, the largest increase in franchise values ​​over the past year is a small market success story. The Utah Hockey Club's move from Arizona, where it had played in a tiny college arena, to Salt Lake City resulted in a 78 percent increase in valuation – a figure that reflects the $1.2 billion Purchase of the troubled franchise by owner Ryan Smith.

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

NHL team valuations still lag well behind those of other high-profile sports, namely the NFL and NBA, where average franchise values ​​are reported by Sportico at $5.93 billion and $4 billion, respectively.

MLB franchises are closer to the NHL, averaging $2.64 billion. The average MLS franchise is worth $678 million.

Part of what has driven up NHL franchise valuations is the league's collective bargaining agreement and hard salary cap, which ensure a 50-50 revenue split between teams and players through an escrow system. A hard cap on player salaries means the cost to owners is fixed, resulting in a higher probability of profitability from year to year.

Solid revenue sharing to smaller clubs has also helped keep all boats afloat.

And the NHL's most recent round of expansion with the Vegas Golden Knights and Seattle Kraken in 2017 and 2021 also helped boost franchise valuations. The Golden Knights bought their team for $500 million, won the Stanley Cup in 2023 and are now worth more than three times as much. The Kraken's expansion fee was significantly higher at $650 million just four years later, and the team is now worth more than double that at $1.44 billion.

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

Interestingly, the NHL's most valuable franchises remain the oldest. The average valuation of the league's storied Original Six franchises is $2.8 billion, with all six teams ranked in the top 10 in overall valuation, although the Canadiens, Chicago Blackhawks and Detroit Red Wings are all in the process of rebuilding.

The most valuable non-Original Six franchise remains the Los Angeles Kings, who started the NHL's successful run in the US Sunbelt in the late 1980s when they acquired Wayne Gretzky from the Oilers.

Even though the market is smaller and hasn't won a Stanley Cup as a group since 1993, the average Canadian franchise is now worth $2.08 billion, 21 percent more than the average American club.

However, valuations of US franchises are rising at a faster rate, meaning they could close this gap in the coming years.

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