The average NHL franchise is now valued at $2.1 billion, marking a 17% increase from 2024, according to Sportico\'s latest valuations based on conversations with bankers, investors, lawyers, team executives and owners. The total represents more than double the $1.01 billion average from 2022.
The Toronto Maple Leafs retain their position as the league\'s most valuable franchise for the fifth consecutive year at $4.25 billion. The New York Rangers ($3.65 billion), Montreal Canadiens ($3.3 billion), Boston Bruins ($3 billion) and Los Angeles Kings ($2.96 billion) round out the top five.
The NHL\'s financial surge has been particularly pronounced in Sun Belt markets, which have converted on-ice success into thriving businesses. Over the past six years, the Dallas Stars, Vegas Golden Knights, Florida Panthers and Tampa Bay Lightning have secured two-thirds of Stanley Cup Final slots, including five championships.
The Panthers and Carolina Hurricanes posted the largest valuation gains this year. After consecutive Stanley Cup titles, Florida\'s value jumped 51% to $1.89 billion, rising nine spots to No. 17. Since winning the Presidents\' Trophy in 2021-22, the Panthers have seen ticket revenue increase 86% and sponsorship revenue grow 155%.
Carolina\'s value increased 49% to $1.92 billion under owner Tom Dundon, who purchased the team for $420 million in 2018. The Hurricanes have sold out 117 consecutive games entering the 2025-26 season, with season ticket revenue up 227% since Dundon\'s acquisition.
NHL value-to-revenue multiples have risen to an average of 8.4, though they still trail the NBA (11.9) and NFL (10.3). Recent transactions reflect this trend, with the Lightning selling for approximately 16 times Jeff Vinik\'s 2010 purchase price of just over $100 million.
Hockey-related revenue increased modestly to $6.5 billion during the 2024-25 season, up 3% from $6.3 billion. The league anticipates significant revenue growth from its new Canadian national media deal with Rogers, a 12-year extension worth CA$11 billion ($7.7 billion) beginning in 2026-27, more than double the current agreement.
The NHL is considering expansion with potential franchise fees of at least $2 billion, plus an additional $1 billion commitment toward arena construction where needed. Six potential expansion groups were discussed at the July board of governors meeting, with Houston and Atlanta attracting the most attention as future markets.
\"We have no pending applications, and we\'re not seeking to initiate a formal process at this point,\" Commissioner Gary Bettman said.
Complete 2025 NHL Team Valuations
1. Toronto Maple Leafs: $4.25 billion
2. New York Rangers: $3.65 billion
3. Montreal Canadiens: $3.3 billion
4. Boston Bruins: $3 billion
5. Los Angeles Kings: $2.96 billion
6. Edmonton Oilers: $2.76 billion
7. Chicago Blackhawks: $2.74 billion
8. Philadelphia Flyers: $2.66 billion
9. Washington Capitals: $2.3 billion
10. Detroit Red Wings: $2.11 billion
11. New Jersey Devils: $2.06 billion
12. Vegas Golden Knights: $2.02 billion
13. Dallas Stars: $1.94 billion
14. New York Islanders: $1.93 billion
15. Carolina Hurricanes: $1.92 billion
16. Tampa Bay Lightning: $1.9 billion
17. Florida Panthers: $1.89 billion
18. Vancouver Canucks: $1.87 billion
19. Calgary Flames: $1.82 billion
20. Colorado Avalanche: $1.81 billion
21. Minnesota Wild: $1.79 billion
22. Seattle Kraken: $1.71 billion
23. Pittsburgh Penguins: $1.7 billion
24. Nashville Predators: $1.6 billion
25. Anaheim Ducks: $1.59 billion
26. St. Louis Blues: $1.53 billion
27. San Jose Sharks: $1.49 billion
28. Utah Mammoth: $1.44 billion
29. Buffalo Sabres: $1.36 billion
30. Ottawa Senators: $1.36 billion
31. Winnipeg Jets: $1.33 billion
32. Columbus Blue Jackets: $1.3 billion