The 2024 Most Valuable Squads in the NHL's Ranking
The NHL might not boast the wealth of the NFL, NBA, or even MLB, but none of these leagues can rival its growth rate.
Hockey witnessed a surge in its average franchise value, increasing by 44% in 2024, to a staggering $1.9 billion. This growth outpaced the growth in pro football (11%), basketball (15%), and baseball (4%) in 2024. All NHL teams registered a minimum 21% growth, with their five-year growth rate of 187% surpassing that of the other major North American leagues and even global soccer.
The NHL's most rapid grower, with a 140% year-on-year increase, is undeniably unique: the Utah Hockey Club is now valued at $1.2 billion, having been pegged at $500 million in 2023, when it was playing in a 5,000-seat college arena as the Arizona Coyotes. High growth is still easier with smaller base figures. The NHL's most valuable team, the Toronto Maple Leafs, leads the league for the second year in a row, with a staggering $3.8 billion valuation, but this is less than the combined worth of all 32 NFL teams, 18 NBA teams, and four MLB teams.
However, these factors alone cannot entirely explain the league-wide boost. For instance, MLS, with an average team value of $658 million, only grew by 14% in 2024.
One straightforward explanation: NHL teams are generating more income. Average revenue was $225 million last season, a 12% increase from the previous year’s $201 million, and average operating income grew by 5% to $53 million, according to estimates. Each team was profitable except for Arizona, and its financial situation is expected to improve in Utah.
As league-wide attendance reached a record 22.9 million people last season, general ticket sales rose by 6% to $1.8 billion, according to estimates. Luxury suite and club revenue collectively grew by 13%, surpassing $1.2 billion. Local sponsorship and advertising revenue skyrocketed by 19%, surpassing $900 million, while the league's overall sponsor roster expanded to a record 74 brands.
A primary factor driving this marketing influx is the league's sales of digitally enhanced dasherboards, or DEDs, which were introduced during the 2022-23 season. This virtual advertising product enables broadcasters to replace on-rink ads, allowing for targeted geographic audiences and the sale of specific "game parts." Norwegian Cruise Line, for example, is the presenting sponsor of the first goal of the game on ESPN and TNT broadcasts.
The NHL's soaring valuations are not solely due to increased revenue, however, but rather to higher revenue multiples. The sale of the Tampa Bay Lightning for $1.8 billion represented an 8.2 times revenue multiple, while the acquisition of the Coyotes to create the Utah Hockey Club cost $1.2 billion and came with a 9.8 multiple. These figures reflect investors' growing interest in sports teams, resetting the hockey market following the $950 million sale of the Ottawa Senators (7.4 times revenue) and the $875 million purchase of the Pittsburgh Penguins (4.7 times revenue) in 2021. The new list of the NHL's most valuable teams showcases a wide range of multiples, reaching up to 12.3 for the Maple Leafs, with an average of 8.5, ensuring every team's $1 billion valuation for the first time.
The enthusiasm is particularly noteworthy, considering the uncertainty surrounding local media rights due to the struggles of Diamond Sports Group. Fortunately, some teams have renegotiated new deals with their local RSN for lower fees, while others, like the Anaheim Ducks, the Dallas Stars, and the Utah Hockey Club, have shifted to direct-to-consumer streaming or free over-the-air broadcasts, or a combination of both. These changes could result in potential losses of tens of millions in annual revenue.
At the same time, local media makes up a smaller portion of the pie, and league-wide hockey-related revenue is projected to reach $6.6 billion this season. Other reasons for optimism include the NHL's anticipation of its next Canadian broadcast deal, beginning in 2026, which may more than double its current rights fee. The U.S. television rights will hit the market two years later, and the league is also embracing player marketing in new ways, like the Amazon Prime Video docuseries Faceoff, set to return for a second season.
Moreover, the NHL will temporarily replace its All-Star Game with the 4 Nations Face-Off in February, marking the league's return to international competition in anticipation of the 2026 Olympics and the 2028 World Cup. Some hope that these tournaments could spark new interest in the sport.
"It's clear our fans, broadcast partners, and most notably, our players are all on board with it," expresses Stephen McArdle, the NHL's COO.
THE NHL'S MOST VALUABLE TEAMS 2024
#1. $3.8 billion
Toronto Maple Leafs
Year-on-Year Growth: 36% | Operational Profit: $125 million | Owners: Rogers Communications, Larry Tanenbaum
#2. $3.5 billion
New York Rangers
Year-on-Year Growth: 32% | Operational Profit: $104 million | Owner: Madison Square Garden Sports
#3. $3 billion
Montreal Canadiens
Year-on-Year Growth: 30% | Operational Profit: $142 million | Owner: Molson family
#4. $2.9 billion
Los Angeles Kings
Year-on-Year Growth: 45% | Operational Profit: $143 million | Owner: Philip Anschutz
#5. $2.7 billion
Boston Bruins
Year-on-Year Growth: 42% | Operational Profit: $69 million | Owner: Jeremy Jacobs
#6. $2.65 billion
Edmonton Oilers
Year-on-Year Growth: 43% | Operational Profit: $213 million | Owner: Daryl Katz
#7. $2.45 billion
Chicago Blackhawks
Year-on-Year Growth: 31% | Operational Profit: $100 million | Owner: Danny Wirtz
#8. $2.3 billion
Philadelphia Flyers
Year-on-Year Growth: 39% | Operational Profit: $71 million | Owner: Comcast
#9. $2.15 billion
Washington Capitals
Year-on-Year Growth: 34% | Operational Profit: $80 million | Owner: Ted Leonsis
#10. $2.125 billion
Detroit Red Wings
Year-on-Year Growth: 77% | Operational Profit: $53 million | Owner: Marian Ilitch
#11. $2.1 billion
New Jersey Devils
Year-on-Year Growth: 45% | Operational Profit: $67 million | Owners: Josh Harris, David Blitzer
#12. $2 billion
Dallas Stars
Year-on-Year Growth: 85% | Operational Profit: $59 million | Owner: Tom Gaglardi
#13. $1.95 billion
Vancouver Canucks
Year-on-Year Growth: 47% | Operational Profit: $41 million | Owner: Aquilini Investment Group
#14. $1.9 billion
New York Islanders
Year-on-Year Growth: 23% | Operational Profit: $29 million | Owners: Jon Ledecky, Scott Malkin
#15. $1.85 billion
Vegas Golden Knights
Year-on-Year Growth: 64% | Operational Profit: $59 million | Owner: Bill Foley
#16. $1.8 billion
Tampa Bay Lightning
Year-on-Year Growth: 44% | Operational Profit: $44 million | Owners: Jeffrey Vinik, Doug Ostrover, Marc Lipschultz
#17. $1.75 billion
Pittsburgh Penguins
Year-on-Year Growth: 49% | Operational Profit: $52 million | Owner: Fenway Sports Group
#18. $1.7 billion
Colorado Avalanche
Year-on-Year Growth: 48% | Operational Profit: $20 million | Owner: E. Stanley Kroenke
#19. $1.65 billion
Calgary Flames
Year-on-Year Growth: 50% | Operational Profit: $37 million | Owner: N. Murray Edwards
#20. $1.6 billion
Seattle Kraken
Year-on-Year Growth: 31% | Operational Profit: $22 million | Owners: Samantha Holloway, Tod Leiweke
#21. $1.55 billion
Minnesota Wild
Year-on-Year Growth: 48% | Operational Profit: $32 million | Owner: Craig Leipold
#22. $1.5 billion
Nashville Predators
Year-on-Year Growth: 54% | Operational Profit: $33 million | Owner: Bill Haslam
#23. $1.45 billion
St. Louis Blues
Year-on-Year Growth: 46% | Operational Profit: $10 million | Owner: Tom Stillman
#24. $1.4 billion
Florida Panthers
Year-on-Year Growth: 81% | Operational Profit: $10 million | Owner: Vincent Viola
#25. $1.35 billion
San Jose Sharks
Year-on-Year Growth: 50% | Operational Profit: $2 million | Owner: Hasso Plattner
#26. $1.3 billion
Anaheim Ducks
Year-on-Year Growth: 41% | Operational Profit: $15 million | Owners: Henry and Susan Samueli
#27. $1.25 billion
Carolina Hurricanes
Year-on-Year Growth: 52% | Operational Profit: $23 million | Owner: Tom Dundon
#28. $1.2 billion
Utah Hockey Club
Year-on-Year Growth: 140% | Operational Loss: $4 million | Owners: Ryan and Ashley Smith
#29. $1.15 billion
Ottawa Senators
Year-on-Year Growth: 21% | Operational Profit: $4 million | Owner: Michael Andlauer
#30. $1.1 billion
Buffalo Sabres
Year-on-Year Growth: 47% | Operational Profit: $13 million | Owners: Terry and Kim Pegula
#31. $1,050,000,000
Winnipeg Jets
Year-on-Year Increase: 35% | Financial Surplus: $9,000,000 | Proprietor: True North Sports & Entertainment
#32. $1,000,000,000
Columbus Blue Jackets
Year-on-Year Increase: 31% | Financial Surplus: $1,000,000 | Proprietors: John McConnell, Nationwide
METHODOLOGY
Our Site's evaluations are based on the enterprise values (equity plus net debt) of each team, and they consider the financial aspects of each team's current arena deal but do not include the value of the actual real estate property.
The estimated revenue and financial surplus, for the 2023-24 season, are adjusted for revenue sharing and exclude the arena revenue designated for arena debt service.
The team values are rounded to the nearest $25,000,000, while the estimated financial surplus is rounded to the nearest $1,000,000. All figures are in U.S. dollars, using the average exchange rate between the U.S. and Canada during the 2023-24 season.
The primary data used to generate our Site's evaluations are derived from team executives, financial experts in sports, media consultants, and public documents, such as arena lease agreements and bond documents.
MORE FROM FORBES
- Despite having the most valuable team in the NHL, the Toronto Maple Leafs' valuation is less than the combined worth of several teams from other major North American leagues.
- The Utah Hockey Club, previously the Arizona Coyotes, experienced a remarkable year-on-year increase, making it the NHL's fastest-growing team in terms of value.
- The league's most valuable teams, according to the 2024 Forbes valuation, include the Toronto Maple Leafs, New York Rangers, Montreal Canadiens, Los Angeles Kings, and Boston Bruins.
- The NHL's soaring valuations are a result of higher revenue multiples and increased income, with some teams generating more than $1 billion in value.
- The 2024 Forbes valuation showcases a wide range of multiples for NHL's most valuable teams, with the Maple Leafs having the highest multiple of 12.3.
