Full Breakdown
NHL Team Valuations Surge Amid Media Rights Deals
11/26/2025, 8:41:05 AM
Record Valuations Driven by Media Rights
According to CNBC's Official NHL Team Valuations for 2025, the average NHL team is now valued at $2.2 billion, marking a 15% increase from the previous year. This surge in franchise values is largely attributed to lucrative national media rights agreements. In April 2025, the NHL and Rogers Communications finalized a 12-year national media rights deal worth $7.79 billion, set to commence in the 2026-27 season. This deal more than doubles the revenue from the league's existing contract with Rogers. Additionally, the NHL's current U.S. media rights deals with Walt Disney and Warner Brothers Discovery, averaging $630 million annually through the 2027-28 season, are also anticipated to see significant increases in the next cycle.
Top Valued Teams
The Toronto Maple Leafs remain the most valuable NHL franchise, now worth $4.3 billion, a $500 million increase from last year. The New York Rangers follow at $3.8 billion, despite facing an 18% reduction in local television rights revenue due to a debt restructuring at MSG Networks. The Montreal Canadiens hold the third position with a valuation of $3.4 billion, also reflecting a $300 million increase. The Edmonton Oilers have risen to fifth place at $3.1 billion, bolstered by strong performance and a new local television deal that could yield over $50 million annually.
Factors Influencing Team Values
The disparity in team valuations can be attributed to various factors, including local media rights and arena control. While national media revenue is evenly distributed among teams, local television rights can significantly impact a franchise's financial health. For instance, the Rangers' local rights are under pressure, while the Maple Leafs benefit from a robust local media deal. Teams like the Boston Bruins and Philadelphia Flyers also leverage their arena control to enhance revenue streams from non-NHL events.
Criticism and Perspectives
NHL Commissioner Gary Bettman has expressed that NHL teams are still undervalued, despite the average valuation reaching $2.2 billion. He believes that if the Maple Leafs were to be sold individually, their market value would exceed the current $4.3 billion estimate. Bettman also highlighted the positive trends in the marketplace, suggesting that NHL team values could rival those of Major League Baseball, which range from $1.2 billion to $8 billion.
Conflicting Reports & Gaps
While the overall trend indicates rising valuations, some teams, such as the San Jose Sharks, have struggled. The Sharks dropped to the 28th position with a valuation of $1.55 billion, attributed to low ticket revenue and inconsistent fan engagement. This situation raises questions about the sustainability of valuations across the league, particularly for teams in smaller markets.
What's Next for the NHL
Looking ahead, the NHL is exploring expansion opportunities, with Bettman indicating that any new franchises would require a minimum valuation of $2 billion. The league's recent expansion teams, including the Vegas Golden Knights and Seattle Kraken, have already demonstrated strong market interest, further indicating the NHL's growth potential in the coming years.
