The financial strength of the NHL continues to rise, with the average franchise now valued at $2.1 billion, according to new research from Sportico. The analysis reflects a 17% year-over-year increase, cementing hockey’s growth trajectory even as it still trails the rapid valuation surges seen across the NFL and NBA.
Toronto Maple Leafs Remain the Benchmark
For the fifth consecutive year, the Toronto Maple Leafs top the list of NHL’s most valuable franchises, boasting a valuation of $4.25 billion — more than double the league’s average. Despite not lifting the Stanley Cup since 1967, the Leafs dominate in gate receipts, sponsorships, and media revenue, highlighting the unmatched commercial power of Toronto’s hockey market.
The top five most valuable teams are:
- Toronto Maple Leafs – $4.25 billion
- New York Rangers – $3.65 billion
- Montreal Canadiens – $3.3 billion
- Boston Bruins – $3 billion
- Los Angeles Kings – $2.96 billion
Growth in Context
While a 17% rise in average franchise value is impressive, it still lags other major North American sports leagues:
- NBA franchises: up 78% over the last three years.
- NFL franchises: up 72%.
- MLB franchises: up 22%.
This comparison underscores the NHL’s challenge — it is growing steadily but must continue to innovate commercially to keep pace with its peers.
The Other End of the Spectrum
Not every franchise enjoys billion-dollar growth at the top tier. Six NHL teams are currently valued below $1.5 billion, with the Columbus Blue Jackets ranked last at $1.3 billion. Close behind are:
- Winnipeg Jets – $1.33 billion
- Ottawa Senators – $1.34 billion
- Buffalo Sabres – $1.36 billion
- Utah Mammoth – $1.44 billion
- San Jose Sharks – $1.49 billion
These numbers reflect the disparities between large-market franchises with historic fanbases and smaller-market clubs that face structural revenue challenges.
The Takeaway
The NHL’s rising valuations highlight a league that is becoming more commercially attractive to investors, media partners, and sponsors. However, the growth gap compared to the NBA and NFL is stark. Bridging that divide will likely depend on global expansion, digital-first fan engagement, and broader media strategies.
Hockey’s elite brands — led by the Maple Leafs, Rangers, and Canadiens — continue to drive the narrative. But the question is whether the rest of the league can find ways to unlock similar levels of commercial growth in the coming decade.
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