The average NHL franchise is now worth $2.2 billion — double what it was just three years ago and the highest figure the league has ever recorded. This article covers the 10 richest NHL teams by franchise value in 2026, the fastest-rising clubs, and what drives the financial gap between the top and bottom of the league.
Richest NHL Teams: Key Statistics
- The Toronto Maple Leafs lead all NHL franchises at $4.3–$4.4 billion in valuation across CNBC, Sportico, and Forbes estimates.
- The combined value of all 32 NHL clubs now exceeds $67 billion, up from roughly $32 billion in 2022.
- Average team EBITDA grew 20% year-over-year to $54 million in the 2024–25 season, outpacing revenue growth of 9%.
- The Florida Panthers increased in value by 51% in a single year, from $1.25 billion to $1.89 billion.
- Even the league’s lowest-valued franchise, the Columbus Blue Jackets at $1.4 billion, is now worth more than several mid-market MLB clubs.
The 10 Richest NHL Teams by Franchise Value (2026)
CNBC published its official NHL team valuations in November 2025, with Sportico releasing a parallel report the previous month. Both use different methodologies — CNBC includes non-hockey arena revenue allocated to each team, while Sportico applies revenue multiples from transaction data — but both agree on the top three and the overall tier structure.
| Rank | Team | CNBC Value (2025) | Sportico Value (2025) | YoY Change |
|---|---|---|---|---|
| 1 | Toronto Maple Leafs | $4.3B | $4.25B | +13% |
| 2 | New York Rangers | $3.8B | $3.65B | +9% |
| 3 | Montreal Canadiens | $3.4B | $3.3B | +10% |
| 4 | Los Angeles Kings | $3.15B | $2.96B | +19% |
| 5 | Edmonton Oilers | $3.1B | — | +17% |
| 6 | Boston Bruins | $3.05B | $3.0B | +13% |
| 7 | Chicago Blackhawks | $2.75B | $2.74B | +12% |
| 8 | Philadelphia Flyers | $2.6B | $2.66B | +14% |
| 9 | Washington Capitals | $2.5B | $2.3B | +34% |
| 10 | Detroit Red Wings | $2.47B | $2.11B | +14% |
Source: CNBC NHL Team Valuations (November 2025), Sportico (October 2025)
Toronto Maple Leafs and New York Rangers: The $4 Billion Tier
Only two franchises have crossed the $4 billion mark in any published valuation: the Maple Leafs and the Rangers. Toronto has topped Sportico’s NHL rankings for five straight years.
The Maple Leafs’ parent company, Maple Leaf Sports and Entertainment (MLSE), also owns Scotiabank Arena, which ranked 10th globally on Billboard’s 2024 highest-grossing arenas list. The arena generated $121.4 million from 79 shows and 1.1 million attendees that year. Toronto’s current local media deal with Rogers pays approximately $45 million annually, with the next cycle expected to reach around $55 million.
The Rangers led the league in regular-season net gate receipts during 2024–25 at $179 million. Over the previous four seasons, New York pulled in $615 million from gate revenue alone — $152 million more than second-place Toronto’s $463 million. Forbes placed the Maple Leafs at $4.4 billion in December 2025, 16% above the prior year.
Source: Sportico, Forbes (December 2025)
NHL Revenue and Profitability: League-Wide Benchmarks
Average team revenue reached $243 million in 2024–25, up 9% from $223 million the prior season. EBITDA grew faster, rising 20% to $54 million per team — a margin of roughly 22%. That gap between revenue growth and profit growth reflects the structural advantage of the NHL’s hard salary cap and revenue-sharing setup.
| Metric | 2023–24 Season | 2024–25 Season | Change |
|---|---|---|---|
| Average team revenue | $223M | $243M | +9% |
| Average team EBITDA | $45M | $54M | +20% |
| League-wide HRR | $6.3B | ~$6.9B (est.) | ~+9% |
| Average franchise value (CNBC) | $1.92B | $2.2B | +15% |
| Average franchise value (Sportico) | ~$1.79B | $2.1B | +17% |
Source: CNBC NHL Valuations 2024 and 2025, Sportico
Teams keep all local gate revenue and local TV money. National media rights split equally across all 32 franchises. That structure keeps big-market clubs financially dominant while giving low-revenue teams a meaningful floor from national deals.
The typical NHL team generated around $80 million in regular-season ticket revenue, according to CNBC’s Michael Ozanian. The San Jose Sharks brought in just $44 million last season — roughly half the league norm.
The Fastest-Rising NHL Franchise Values in 2025
Three franchises stand out as the biggest movers over the past 18 months. The Florida Panthers and Carolina Hurricanes illustrate how sustained playoff appearances convert into franchise value. When Sportico first published NHL valuations in 2021, the Hurricanes ranked 28th at $545 million and the Panthers ranked 31st at $520 million. Both now sit in the top 17 of a 32-team league.
| Team | Value (2024) | Value (2025) | % Change | Primary Driver |
|---|---|---|---|---|
| Florida Panthers | $1.25B | $1.89B | +51% | Two consecutive Cup Final appearances |
| Carolina Hurricanes | ~$1.29B | $1.92B | +49% | Playoff surge + arena development plans |
| Edmonton Oilers | ~$2.4B | $3.1B | +29% | McDavid profile + new local TV deal |
Source: Sportico (October 2025), CNBC (November 2025)
The Oilers’ jump runs on different fuel. Connor McDavid’s global profile drove record years across sponsorships, premium seating, food and beverage, and merchandise. A new local TV deal with Rogers, potentially worth over $50 million annually, factored into CNBC’s 2025 figure. The Panthers and Hurricanes have grown 263% and 252% respectively since 2021.
NHL Teams With the Lowest Franchise Values in 2025
The five lowest-valued teams per CNBC’s 2025 rankings show the gap between large and small markets — though every franchise now exceeds $1.4 billion, a floor that itself carries weight. The Tampa Bay Lightning sold in October 2024 at a $1.8 billion transaction value. The Tampa Bay Rays MLB franchise sold this year at $1.7 billion — meaning the NHL’s least valuable club is worth more in the open market than a mid-market MLB team.
| Rank | Team | CNBC 2025 Value | CNBC 2024 Value | YoY Change |
|---|---|---|---|---|
| 28 | San Jose Sharks | $1.55B | $1.4B | +11% |
| 29 | Winnipeg Jets | $1.46B | ~$1.15B | +27% |
| 30 | Ottawa Senators | $1.44B | ~$1.18B | +22% |
| 31 | Buffalo Sabres | $1.42B | ~$1.13B | +26% |
| 32 | Columbus Blue Jackets | $1.4B | ~$1.0B | +40% |
Source: CNBC via NBC New York
Columbus shows the highest percentage growth in this group yet remains last — a function of starting from the lowest base while lacking the market size to close the gap with established franchises. San Jose dropped from 25th to 28th despite a modest dollar-value increase, with on-ice struggles dampening fan interest and ticket revenue. The team is actively exploring a new ownership situation.
What Determines an NHL Franchise’s Value?
Gate Revenue
Gate receipts remain the most team-specific driver. The Rangers’ $179 million in regular-season net gate revenue last season was nearly four times the Sharks’ $44 million. Teams keep all regular-season gate revenue, so this gap compounds directly into valuation multiples.
Local Media Rights
Canadian clubs hold a structural advantage here. The Montreal Canadiens’ new Bell Media deal for $70–$75 million annually will be the league’s largest local media arrangement when it begins next season. Toronto earns around $45 million annually now, with an expected bump to $55 million on renewal. Both figures dwarf what most U.S. clubs earn from regional TV.
Arena Ownership and Non-Hockey Revenue
The Boston Bruins own TD Garden and collect revenue from Boston Celtics games and concerts. The Celtics are a tenant, not a partner. That non-hockey revenue flows into CNBC’s valuations. The Philadelphia Flyers, moving into a new arena in 2030 alongside the 76ers under a 50-50 partnership, will gain naming rights revenue from Xfinity Mobile Arena as a new income category.
National Media Rights
National rights distribute equally across all 32 teams. The Rogers Canada deal — CA$11 billion over 12 years starting with the 2026–27 season, worth $7.79 billion USD — more than doubles the current arrangement. The U.S. package with ESPN/ABC and TNT/TBS, averaging $630 million annually through 2027–28, is expected to approach a doubling on its next cycle. Every franchise, from Columbus to Toronto, gets the same share.
Source: CNBC
NHL Franchise Value Growth vs. Other Major Leagues
Over three years, the average NHL team value more than doubled from $1.01 billion in 2022 to $2.2 billion in 2025. That rate of growth outpaced every other North American major sports league over the same window.
| League | 3-Year Value Growth (2022–2025) |
|---|---|
| NHL | +118% |
| NBA | +78% |
| NFL | +72% |
| MLB | +22% |
Source: Sportico
North American pro sports franchises across all four major leagues have generated 13.2% annualized returns over the past two decades, per the Ross-Arctos Sports Franchise Index. Over the past year alone, that figure reached 16.9%, outpacing nearly every comparable asset class tracked.
Source: Front Office Sports
What the NHL’s Next Media Deal Means for Team Values
NHL Commissioner Gary Bettman said in November 2025 that he still considers NHL teams undervalued. Any future expansion would require a minimum $2 billion buy-in — up from the Vegas Golden Knights’ $500 million fee in 2017 and the Seattle Kraken’s $650 million in 2021.
The Rogers Canada rights extension kicks in with the 2026–27 season. When it does, the national media revenue floor for every franchise rises substantially. Bottom-tier teams like Columbus and Winnipeg gain as much from that line as Toronto — while the top clubs retain their gate and local TV advantages.
The gap between Columbus ($1.4 billion) and Toronto ($4.3 billion) is about 3x, in a league with one of the most restrictive salary caps in professional sports. With a new CBA also beginning in 2026–27 and the U.S. rights deal expected to grow substantially after 2027–28, the financial floor for all 32 franchises should keep rising even if the ordering at the top stays unchanged.
FAQ
What is the most valuable NHL team in 2026?
The Toronto Maple Leafs are the most valuable NHL franchise in 2026, valued at $4.3 billion by CNBC and $4.4 billion by Forbes. They have topped Sportico’s NHL rankings for five consecutive years.
How much is the average NHL team worth in 2025?
The average NHL franchise is worth $2.2 billion according to CNBC’s November 2025 valuations, and $2.1 billion per Sportico’s October 2025 report. Both figures represent the highest average in league history.
Which NHL team increased in value the most in 2025?
The Florida Panthers saw the largest single-year increase, rising 51% from $1.25 billion to $1.89 billion. Two consecutive Stanley Cup Final appearances drove the gain.
What is the least valuable NHL franchise?
The Columbus Blue Jackets rank last at $1.4 billion per CNBC’s 2025 valuations. Despite being last in the league, Columbus is still worth more than several mid-market MLB franchises sold in recent transactions.
Why are Canadian NHL teams valued higher than most U.S. teams?
Canadian teams benefit from larger local media deals — Montreal’s incoming Bell Media arrangement pays $70–$75 million annually — and consistently higher attendance revenue. Strong Canadian dollar performance and cultural factors also support premium valuations.
