The business of hockey has never looked stronger. According to CNBC’s latest analysis, the average NHL franchise is now valued at $2.2 billion, marking a 15% jump from last year. This sharp rise reflects the league’s increasingly lucrative national media rights agreements and stronger overall financial performance across its 32 teams — a trend highlighted in How the NHL’s 32 Teams Stack Up in CNBC’s Official 2025 Valuations.
Media Rights Drive the NHL’s Financial Momentum
A major catalyst behind the surge in franchise values is the NHL’s expanding media footprint. In April, the league reached a landmark agreement with Rogers Communications on a new 12-year Canadian national media rights deal worth $7.79 billion, based on exchange rates as of late November. Set to begin with the 2026–27 season, the deal more than doubles the value of the NHL’s current Canadian broadcast contract.
South of the border, the league’s existing U.S. national media agreements with Walt Disney and Warner Bros. Discovery already average $630 million annually through the 2027–28 season. Industry experts expect the next U.S. rights package to grow dramatically. Lee Berke, CEO of LHB Sports, Entertainment & Media, believes the next deal could nearly double in value, noting that live sports remain essential for distributors seeking subscribers and viewers.
Revenue and Profitability Are Rising League-Wide
The financial health of NHL teams improved significantly during the 2024–25 season. Average team revenue climbed to $243 million, a 9% year-over-year increase, while average EBITDA jumped 20% to $54 million per club. Because national media revenue is shared evenly among all franchises, smaller-market teams often benefit the most from increases in broadcast income.
That dynamic played out clearly in valuations: the 16 lowest-revenue teams from the 2024–25 season saw their values rise by an average of 19%, compared with 14% growth among the league’s top 16 revenue generators.
Elite Arenas and Local TV Deals Still Separate the Leaders
Despite revenue sharing, teams with strong arena economics and rich local television contracts continue to dominate the top of the valuation rankings. These franchises retain all revenue from ticket sales, premium seating, and local broadcasts during the regular season — advantages that compound over time.
The Toronto Maple Leafs remain the NHL’s most valuable franchise at $4.3 billion. The team generated $130 million in net gate revenue last season, second-most in the league, and earns roughly $45 million annually from its local TV deal with Rogers. That figure is expected to rise to about $55 million per year in the next contract cycle, trailing only the Montreal Canadiens.
Rangers, Canadiens, and Oilers Round Out the Elite
The New York Rangers hold the second spot with a valuation of $3.8 billion, even after a temporary reduction in local TV revenue due to MSG Networks’ debt restructuring. What truly sets the Rangers apart is gate performance: they pulled in a league-leading $179 million in regular-season net gate receipts last season and have earned $615 million from ticket sales over the past four years.
The Montreal Canadiens rank third at $3.4 billion, bolstered by a newly announced local media deal with Bell Media. Beginning next season, the agreement will pay the team an industry-leading $70 million to $75 million annually across English- and French-language broadcasts.
Meanwhile, the Edmonton Oilers climbed past the Boston Bruins to become the league’s fifth-most-valuable team at $3.1 billion. Powered by superstar Connor McDavid and consecutive Stanley Cup Final appearances, Edmonton posted record revenue across sponsorships, premium seating, merchandise, and concessions. A new local TV deal with Rogers could generate well over $50 million per year, depending on advertising performance.
How CNBC Calculates NHL Team Values
CNBC’s Official NHL Team Valuations represent enterprise values — equity plus net debt — derived primarily from revenue multiples. The analysis includes arena economics and non-NHL revenue streams that accrue to team owners, but excludes the value of stadium real estate itself.
Revenue figures account for revenue sharing and playoff gate contributions, while valuation multiples are informed by historical team sales and market feedback from investors, bankers, and league executives. Separate businesses, such as mixed-use real estate projects, are excluded to maintain consistency across franchises.
Valuations also factor in future improvements to arena economics and anticipated increases in national broadcast deals, including the NHL’s next U.S. media contract expected to begin in the 2028–29 season. All figures are presented in U.S. dollars, using a one-year average exchange rate of CA$1 = US$0.72.
The Big Picture
Taken together, the numbers paint a clear picture: the NHL is entering a new era of financial strength. With soaring media rights, growing revenues, and improving profitability across the board, franchise values continue to climb — reinforcing hockey’s place among the most valuable sports leagues in the world.
