The NHL has shifted from the distant fourth major North American league to a serious institutional asset class. CNBC’s Official NHL Team Valuations 2025 put the average franchise at 2.2 billion dollars, a 15% year over year jump that underlines how quickly the business side of hockey is scaling. Rising media money, sold-out buildings, and an aggressive push into new revenue categories have all converged to push values higher across the board.
Every NHL team now clears the billion dollar threshold, and the top of the table is pushing past 4 billion. That climb has tracked with a higher salary cap and richer national media deals in both Canada and the United States. It has also overlapped with the steady legalization and growth of sports betting, a sector that outlets like reviewed on Critique Jeu have tracked closely as it feeds new sponsorship and media dollars into the sport.
Commissioner Gary Bettman and league investors continue to argue that NHL teams remain undervalued relative to the NFL and the NBA. Those leagues command richer national contracts and higher revenue multiples, but that gap is precisely why deep-pocketed buyers and private equity funds now see hockey as a growth opportunity. The combination of upward cap pressure, expanding media rights, and a still wide valuation spread between the top and bottom markets has created a landscape where investors believe there is more room to run.
Top End Of The NHL Valuation Table
At the top of CNBC’s list sit the Toronto Maple Leafs at 4.3 billion dollars, the only NHL franchise to break the 4 billion line under this methodology. Toronto’s valuation reflects extraordinary local demand, premium ticket pricing, and hockey’s dominance in Canada’s largest media market. The club generated $382 million in revenue during the 2024–25 season and still posted an 8% year-over-year increase in valuation.
The New York Rangers slot in second at 3.8 billion dollars, backed by Madison Square Garden, a deep corporate base, and one of the largest U.S. media markets. Their revenue reached 322 million dollars in 2024–25, up 9% from the previous year. The Montreal Canadiens round out the top three at 3.4 billion dollars and 324 million in revenue, riding both a historic brand and a national footprint in Quebec and beyond.
Just behind them is a familiar Los Angeles–Edmonton–Boston cluster. The Los Angeles Kings are valued at 3.15 billion dollars with 347 million in revenue and an 11% year over year gain, buoyed by AEG’s control of the building and the broader entertainment district. Edmonton has surged into fifth at 3.1 billion dollars, with 431 million in revenue and a 17% jump, reflecting both Connor McDavid–era success and a market where the Oilers dominate local sports spending. The Boston Bruins sit at 3.05 billion dollars in revenue, up 11% from 281 million, boosted by control of TD Garden and strong regional demand.
Mid Tier Markets, New Entrants, and Fast Movers
Below that elite tier is a wide band of franchises in the 1.6 to 2.75 billion dollar range. The Chicago Blackhawks check in at 2.75 billion dollars on 268 million in revenue, followed by the Philadelphia Flyers at 2.6 billion and 315 million in revenue. Washington is valued at 2.5 billion, with 269 million in revenue, while Detroit is valued at 2.47 billion and 251 million. The New Jersey Devils are close behind at 2.45 billion, with 300 million in revenue and an eye-catching 23% year-over-year jump, reflecting momentum both on and off the ice.
CNBC ranks the Vancouver Canucks 12th overall at $ 2.2 billion, with $ 234 million in revenue and a 13% valuation increase. Vegas, Dallas, and Carolina occupy the next band: the Golden Knights are valued at 2.1 billion with 243 million in revenue, the Stars at 2.05 billion and 252 million, and the Hurricanes at 2.0 billion and 212 million. Carolina’s 53% year over year jump is one of the largest in the league, a sign of how quickly valuations can reprice when attendance, sponsorship, and on-ice performance line up.
Further down the table, recent on-ice success has translated into sharp valuation gains for clubs like the Florida Panthers, who are valued at 1.75 billion dollars on 235 million in revenue with a 30% annual increase. The Columbus Blue Jackets sit at 1.4 billion dollars in revenue, up 40% year over year, as their business metrics improved. Winnipeg’s valuation rose 33% to 1.46 billion on 182 million in revenue, while the Ottawa Senators climbed 22% to 1.44 billion with 169 million in revenue.
Expansion and relocation stories are also shaping the middle of the pack. The Utah Mammoth, the rebranded and relocated Arizona franchise, is valued at 1.6 billion dollars and ranked 27th on CNBC’s list. Their revenue is pegged at 200 million with a 33% jump as the new market settles in. Seattle’s second-year club, the Kraken, sits at 1.77 billion dollars, with 191 million in revenue, up 10%, underlining the premium owners and broadcasters now attach to modern arenas and fresh markets.
Revenue Drivers, Salary Cap Growth, and the Path Ahead
Across all 32 teams, CNBC’s valuations imply a combined league value in the 70 billion dollar range, with the average club at 2.2 billion dollars and the median not far behind. That figure lines up with other valuation services, which tend to cluster around 2.1 to 2.2 billion and rank the same franchises near the top and bottom. The core drivers are broadly shared: packed buildings, long-term local media rights, national TV packages, and rising sponsorship dollars.
CNBC pegs the average NHL valuation at roughly 8.4 times annual revenue. Under that approach, a team generating $ 200 million in annual revenue lands near $ 1.68 billion in value. By comparison, NBA and NFL clubs often trade at higher multiples, reflecting larger media contracts and perceptions of scarcity. That spread has drawn more institutional capital into hockey, including minority stakes, arena district investments, and cross-sport ownership groups betting on the sport’s next media cycle.
Media rights sit at the center of the growth story. The NHL’s new 12-year national rights deal with Rogers in Canada, worth 11 billion Canadian dollars and set to begin in 2026–27, adds a powerful long-term revenue pillar to go with the current U.S. deals with ESPN and TNT. Those agreements flow evenly into each franchise’s national media share and help explain the recent 15% leaguewide valuation jump. They also underpin a rapidly rising salary cap: from 82.5 million in 2022–23 to 83.5 million in 2023–24, then 88.0 million in 2024–25, with guidance to 95.5 million in 2025–26 and projections of 104.0 million and 113.5 million in 2026–27 and 2027–28.
Despite a hard cap and shared national revenue, the gap between the richest and least valuable clubs remains wide. Toronto and New York sit between 3.8 and 4.3 billion dollars, while Columbus is at 1.4 billion, reflecting differences in market size, corporate base, arena control, and competition from other sports. As the next U.S. national rights package approaches and more non-traditional investors look at hockey, CNBC’s numbers suggest the average NHL club could approach the $ 4 billion mark by the end of the decade if media money keeps climbing and revenue multiples inch higher.
