The typical NHL workforce is now price $2.2 billion, based on CNBC’s Official NHL Workforce Valuations, 15% greater than final 12 months, as richer nationwide media rights offers drive up franchise values.
In April, the NHL and Rogers Communications agreed to a 12-year nationwide Canadian media rights deal price $7.79 billion, primarily based on alternate charges as of Nov. 24, that can start with the 2026-27 season. It’s greater than twice the quantity the league is getting from its present 12-year take care of Rogers.
The league’s present U.S. nationwide media rights offers with Walt Disney and Warner Brothers Discovery, that are price a mixed annual common of $630 million via the 2027-28 season, are additionally anticipated to see a giant enhance within the subsequent cycle. “The following U.S. rights deal for the NHL ought to method a doubling,” mentioned Lee Berke, CEO of LHB Sports activities, Leisure & Media, whose agency advises groups and leagues on media offers. “Sports activities rights transfer the needle for distributors, subscribers and viewers.”
Throughout the 2024-25 season, income elevated to a mean of $243 million for the league’s 32 groups, 9% larger than the earlier season. Over the identical time span, EBITDA — or earnings earlier than curiosity, taxes, depreciation and amortization — rose 20%, to a mean of $54 million per workforce.
Income from nationwide media rights is cut up evenly among the many league’s groups, with will increase in nationwide media rights proportionally benefiting low-revenue groups greater than high-revenue groups. This is without doubt one of the causes the 16 groups that posted the bottom income for the 2024-25 season elevated, on common, 19% in worth throughout the previous 12 months in contrast with 14% for the 16 groups that had the best income.
However groups with nice enviornment economics and wealthy native tv offers nonetheless dominate the highest of our NHL valuations, as a result of throughout the common season the groups maintain all the cash from these income streams.
Essentially the most worthwhile workforce stays the Toronto Maple Leafs, price $4.3 billion. The Leafs took in $130 million in web gate income final season, second-most within the league, based on inner NHL experiences obtained by CNBC. The Maple Leafs additionally earn about $45 million a 12 months from the native media rights take care of Rogers, the third-most within the NHL. The Leafs’ subsequent deal is predicted to extend to round $55 million a 12 months, which might place the workforce behind solely the Montreal Canadiens.
The New York Rangers are valued at $3.8 billion, second-most within the league, regardless of taking an 18% haircut to their native tv rights to $35 million for the 12 months ending June 2026, because of an MSG Networks debt restructuring. However the Rangers raked in probably the most regular-season web gate receipts by a mile final season, at $179 million. Over the previous 4 seasons, the Rangers earned $615 million from regular-season gate receipts — $152 million greater than the Maple Leafs, who earned the second-most.
The Canadiens maintain on to the third spot within the annual rankings, with a worth of $3.4 billion. The workforce in October introduced the signing of a new native media rights deal with Bell Media for each English- and French-language channels. It’s going to pay the workforce a league-leading annual common of $70 million to $75 million starting subsequent season.
The Edmonton Oilers leapfrogged the Boston Bruins to grow to be the fifth-most-valuable workforce, and at the moment are price $3.1 billion. The Oilers have hockey’s greatest celebrity in Connor McDavid and have been within the Stanley Cup Remaining the previous two seasons. Not solely did the Oilers submit a document 12 months throughout all income verticals, together with sponsorships, premium seating, meals and beverage, and merchandise throughout the 2024-25 season, they started a brand new native tv take care of Rogers this season that might pay the workforce effectively over $50 million yearly, relying on promoting income.
Right here is how the NHL’s 32 groups stack up:
CNBC’s Official NHL Workforce Valuations 2025
Methodology
CNBC’s Official NHL Workforce Valuations are present enterprise values — fairness plus web debt — calculated utilizing income multiples, and embody the economics of the workforce’s enviornment, together with non-NHL income that accrues to the workforce’s proprietor. The valuations don’t embody the worth of stadium actual property.
Income figures are web of income sharing and the 35% of residence playoff non-premium gate income that goes towards the revenue-sharing pool. Income multiples are primarily based on historic management transaction costs, in addition to what traders, league executives and bankers say concerning the market. Buy costs are for management stakes and bear in mind cost construction and the worth of a deal over time.
CNBC values exclude different companies associated to the groups with separate monetary statements, such because the Edmonton Oilers’ mixed-use actual property challenge. For groups that promote their very own merchandise, such because the Oilers, CNBC deducts the price of items offered from merchandise gross sales. Likewise, CNBC excludes the market worth of associates/fairness methodology investments to make sure constant enterprise value-to-revenue and enterprise value-to-EBITDA multiples. Debt figures are the most recent accessible and embody each workforce debt and stadium debt.
Valuations are primarily based on a workforce’s present enviornment, until there’s an settlement in place for the workforce to maneuver or get a brand new enviornment. Values are adjusted for groups whose stadium economics are going to enhance quickly, such because the Calgary Flames, who’re scheduled to maneuver into a brand new enviornment for the 2027-28 season, and the Washington Capitals, whose enviornment challenge can also be scheduled to be accomplished for the 2027-28 season. Likewise, CNBC valuations anticipate a considerable enhance within the NHL’s subsequent U.S. nationwide broadcasting deal, which might start with the 2028-29 season.
Income and EBITDA figures are for the 2024-25 season and web of income sharing and participant escrow. CNBC presents income and working earnings figures on a money foundation, slightly than an accrual foundation. CNBC figures are totally different from the league’s official hockey-related income as a result of we embody non-NHL enviornment income that goes to the groups. When the proprietor of the world additionally owns each the NHL workforce and NBA workforce that play within the enviornment — as is the case for Toronto’s Maple Leafs and Raptors, the Colorado Avalanche and Denver Nuggets, and Utah’s Mammoth and Jazz, amongst others — we divide income from non-sports occasions held on the enviornment evenly between the 2 groups.
All valuation figures are in U.S. {dollars} and are primarily based on a one-year common alternate price, from June 2024 to June 2025, of CA$1 = US$0.72.
Sources for CNBC’s Official NHL Workforce Valuations embody workforce homeowners, traders and executives, in addition to sports activities bankers and league consultants; public paperwork reminiscent of stadium lease agreements, stadium authority funds audits and credit standing experiences; and sponsorship and broadcasting business executives. Sure figures have been offered by league executives who spoke to CNBC on the situation of anonymity as a result of agreements are non-public and they don’t have permission to discuss them publicly.
Figures that might not be confirmed with sources are CNBC estimates. Some figures used within the calculation of values could also be approximate.
