All 32 NHL franchises worth at least $1 billion for the first time ever

Credit: Oct 14, 2024; Montreal, Quebec, CAN; NHL commissioner Gary Bettman gives a press conference before the game between the Pittsburgh Penguins and the Montreal Canadiens at the Bell Centre. Mandatory Credit: Eric Bolte-Imagn Images

Gary Bettman was right. For years, NHL executives privately railed against public valuations of their franchises, saying publications significantly undervalued teams based on methodology and true market value.

“Our franchises have been historically undervalued,” Bettman said last October.

Now, it seems, publications are catching up to the explosive growth.

All 32 NHL franchises are now worth at least $1 billion (all figures USD) for the first time ever, according to valuations published by Sportico on Wednesday. Five years ago, Forbes said only five teams were worth $1 billion or more. Even last year, one quarter of the league was worth less than $1 billion, according to Sportico.

That’s an incredible swing, evidenced by both market transactions of the Utah ($1.2 billion) and Tampa Bay ($1.8 billion) franchises and also the eye-popping year-over-year value increases for all franchises.

According to Sportico, the Winnipeg Jets experienced the lowest one-year value increase at 19 percent, while Utah/Arizona climbed 78 percent and the Edmonton Oilers surged 51 percent on the back of Connor McDavid and a run to Game 7 of the Stanley Cup Final. The Oilers are knocking on the door of Original Six territory as the seventh-most valuable franchise in the league at $2.45 billion.

The Toronto Maple Leafs remained the crown jewel of the NHL with a $3.66 billion price tag – which Sportico says is worth 11 percent more than the next closest team in the New York Rangers at $3.25 billion. A controlling stake of the Maple Leafs was purchased last month by Rogers, a $4.7 billion deal for 37.5 percent of Maple Leaf Sports and Entertainment (MLSE) that also includes the NBA’s Toronto Raptors, MLS’ Toronto FC, Scotiabank Arena and the CFL’s Toronto Argonauts, among other properties.

The increase in valuations has resulted in instant equity for some owners, sometimes before they even take full control of a team. In 2023, former Tennessee governor Jimmy Haslam agreed to a four-part purchase the Nashville Predators for $880 million that won’t fully close until 2025 – and Sportico says the team is already now worth 50 percent more at $1.32 billion.

It has been proven that there is no better investment than owning a pro sports franchise, and the NHL might have presented the most opportunity over the last 10 to 15 years, certainly with the lowest barrier to entry. Jeff Vinik purchased the Lightning in 2010 for a reported $110 million; he recently sold his controlling stake at a reported valuation of $1.8 billion after 11 playoff appearances and two Stanley Cups.

In Florida, Vincent Viola bought the Panthers for a reported $250 million in 2013. He wrote massive checks to fund the operation for years, hoisted a Stanley Cup in June, and the Panthers are now worth $1.25 billion – a 400 percent increase in 11 years.

Even the NHL’s two most recent expansion franchises, in Vegas and Seattle, have enjoyed significant growth. The Kraken have more than doubled from their $650 million expansion fee to $1.46 billion in four years’ time, while the Golden Knights have more than tripled from the $500 million entrance fee in 2017 to $1.77 billion today – making Vegas the 12th most valuable franchise.

All of that leads to the billion dollar question: What will be the NHL’s next expansion fee?

Given that the league’s least expensive entrance point was $1.2 billion for Ryan and Ashley Smith in Utah, it doesn’t seem unreasonable that Bettman and Co. could ask for $2 billion up front per new franchise. And the way franchise values have increased, if they sit back and take a patient approach, it might be even more than that.

Sportico’s 2024 NHL Franchise Valuations

Rank	Team	2024 Valuation	1-year Increase
1	Toronto	$3.66 billion	38%
2	NY Rangers	$3.25 billion	33%
3	Montréal	$2.93 billion	29%
4	Boston	$2.67 billion	50%
5	Los Angeles	$2.5 billion	45%
6	Chicago	$2.45 billion	33%
7	Edmonton	$2.4 billion	51%
8	Philadelphia	$2.29 billion	35%
9	Washington	$1.86 billion	31%
10	Detroit	$1.85 billion	35%
11	Tampa Bay	$1.8 billion	44%
12	Vegas	$1.77 billion	36%
13	Vancouver	$1.73 billion	44%
14	New Jersey	$1.7 billion	47%
15	NY Islanders	$1.68 billion	49%
16	Dallas	$1.65 billion	49%
17	Minnesota	$1.6 billion	36%
18	Calgary	$1.58 billion	39%
19	Colorado	$1.57 billion	34%
20	Pittsburgh	$1.47 billion	37%
21	Seattle	$1.46 billion	30%
22	San Jose	$1.42 billion	34%
23	Nashville	$1.32 billion	33%
24	St. Louis	$1.3 billion	35%
25	Carolina	$1.29 billion	32%
26	Florida	$1.25 billion	37%
27	Anaheim	$1.24 billion	27%
28	Utah	$1.2 billion	78%
29	Ottawa	$1.14 billion	20%
30	Buffalo	$1.13 billion	26%
31	Winnipeg	$1.1 billion	19%
32	Columbus	$1.06 billion	20%

Source: Sportico

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All 32 NHL franchises worth at least $1 billion for the first time ever

Sportico’s 2024 NHL Franchise Valuations

Article presented by Fountain Tire

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