The average NHL team is now worth $2.2 billion, according to CNBC’s Official NHL Team Valuations, 15% more than last year, as richer national media rights deals drive up franchise values.
In April, the NHL and Rogers Communications agreed to a 12-year national Canadian media rights deal worth $7.79 billion, based on exchange rates as of Nov. 24, that will begin with the 2026-27 season. It is more than twice the amount the league is getting from its existing 12-year deal with Rogers.
The league’s current U.S. national media rights deals with Walt Disney and Warner Brothers Discovery, which are worth a combined annual average of $630 million through the 2027-28 season, are also expected to see a big increase in the next cycle. “The next U.S. rights deal for the NHL should approach a doubling,” said Lee Berke, CEO of LHB Sports, Entertainment & Media, whose firm advises teams and leagues on media deals. “Sports rights move the needle for distributors, subscribers and viewers.”
During the 2024-25 season, revenue increased to an average of $243 million for the league’s 32 teams, 9% higher than the previous season. Over the same time span, EBITDA — or earnings before interest, taxes, depreciation and amortization — rose 20%, to an average of $54 million per team.
Revenue from national media rights is split evenly among the league’s teams, with increases in national media rights proportionally benefiting low-revenue teams more than high-revenue teams. This is one of the reasons the 16 teams that posted the lowest revenue for the 2024-25 season increased, on average, 19% in value during the past year compared with 14% for the 16 teams that had the highest revenue.
But teams with great arena economics and rich local television deals still dominate the top of our NHL valuations, because during the regular season the teams keep all the money from these revenue streams.
The most valuable team remains the Toronto Maple Leafs, worth $4.3 billion. The Leafs took in $130 million in net gate revenue last season, second-most in the league, according to internal NHL reports obtained by CNBC. The Maple Leafs also earn about $45 million a year from the local media rights deal with Rogers, the third-most in the NHL. The Leafs’ next deal is expected to increase to around $55 million a year, which would place the team behind only the Montreal Canadiens.
The New York Rangers are valued at $3.8 billion, second-most in the league, despite taking an 18% haircut to their local television rights to $35 million for the year ending June 2026, as a result of an MSG Networks debt restructuring. But the Rangers raked in the most regular-season net gate receipts by a mile last season, at $179 million. Over the past four seasons, the Rangers earned $615 million from regular-season gate receipts — $152 million more than the Maple Leafs, who earned the second-most.
The Canadiens hold on to the third spot in the annual rankings, with a value of $3.4 billion. The team in October announced the signing of a new local media rights deal with Bell Media for both English- and French-language channels. It will pay the team a league-leading annual average of $70 million to $75 million beginning next season.
The Edmonton Oilers leapfrogged the Boston Bruins to become the fifth-most-valuable team, and are now worth $3.1 billion. The Oilers have hockey’s biggest superstar in Connor McDavid and were in the Stanley Cup Final the past two seasons. Not only did the Oilers post a record year across all revenue verticals, including sponsorships, premium seating, food and beverage, and merchandise during the 2024-25 season, they began a new local television deal with Rogers this season that could pay the team well over $50 million annually, depending on advertising revenue.
Here is how the NHL’s 32 teams stack up:
CNBC’s Official NHL Team Valuations 2025
Methodology
CNBC’s Official NHL Team Valuations are current enterprise values — equity plus net debt — calculated using revenue multiples, and include the economics of the team’s arena, including non-NHL revenue that accrues to the team’s owner. The valuations do not include the value of stadium real estate.
Revenue figures are net of revenue sharing and the 35% of home playoff non-premium gate revenue that goes toward the revenue-sharing pool. Revenue multiples are based on historical control transaction prices, as well as what investors, league executives and bankers say about the market. Purchase prices are for control stakes and take into account payment structure and the value of a deal over time.
CNBC values exclude other businesses related to the teams with separate financial statements, such as the Edmonton Oilers’ mixed-use real estate project. For teams that sell their own merchandise, such as the Oilers, CNBC deducts the cost of goods sold from merchandise sales. Likewise, CNBC excludes the market value of affiliates/equity method investments to ensure consistent enterprise value-to-revenue and enterprise value-to-EBITDA multiples. Debt figures are the latest available and include both team debt and stadium debt.
Valuations are based on a team’s current arena, unless there is an agreement in place for the team to move or get a new arena. Values are adjusted for teams whose stadium economics are going to improve soon, such as the Calgary Flames, who are scheduled to move into a new arena for the 2027-28 season, and the Washington Capitals, whose arena project is also scheduled to be completed for the 2027-28 season. Likewise, CNBC valuations anticipate a substantial increase in the NHL’s next U.S. national broadcasting deal, which would begin with the 2028-29 season.
Revenue and EBITDA figures are for the 2024-25 season and net of revenue sharing and player escrow. CNBC presents revenue and operating income figures on a cash basis, rather than an accrual basis. CNBC figures are different from the league’s official hockey-related revenue because we include non-NHL arena revenue that goes to the teams. When the owner of the arena also owns both the NHL team and NBA team that play in the arena — as is the case for Toronto’s Maple Leafs and Raptors, the Colorado Avalanche and Denver Nuggets, and Utah’s Mammoth and Jazz, among others — we divide revenue from non-sports events held at the arena evenly between the two teams.
All valuation figures are in U.S. dollars and are based on a one-year average exchange rate, from June 2024 to June 2025, of CA$1 = US$0.72.
Sources for CNBC’s Official NHL Team Valuations include team owners, investors and executives, as well as sports bankers and league consultants; public documents such as stadium lease agreements, stadium authority budget audits and credit rating reports; and sponsorship and broadcasting industry executives. Certain figures were provided by league executives who spoke to CNBC on the condition of anonymity because agreements are private and they do not have permission to speak about them publicly.
Figures that could not be confirmed with sources are CNBC estimates. Some figures used in the calculation of values may be approximate.
