The NHL’s Billion-Dollar Boom: 10 World's Most Valuable Hockey Teams - Maple Leafs Above All

The National Hockey League may not always dominate headlines like the NFL or NBA, but it’s making noise where it matters most—on the balance sheet. According to CNBC’s Official 2024 NHL Valuations, the average NHL team is now worth a record-breaking $1.92 billion, a sharp increase that underscores the league’s economic rise.

Driven by consistent revenue growth, prudent financial management via a hard salary cap, and a revenue-sharing model that promotes parity and profitability, the NHL is proving itself to be more than just a niche, cold-weather league.

Matthew Knies, Toronto Maple Leafs (source: Inside the Rink)

With leaguewide revenue hitting $6.3 billion in the 2023–24 season—an 8.6% increase over the previous year—the NHL is skating into a new era of financial clout. This growth was fueled by record sponsorship revenue ($250 million), robust gate receipts ($2.4 billion), and increasingly lucrative media deals.

While NHL valuations still trail the NFL or Premier League, recent franchise transactions suggest hockey clubs are being valued at multiples that rival even MLB deals. In other words, the business of hockey is booming.

Gary Bettman, NHL Commissioner (source: GI)

What’s Fueling the NHL’s Valuation Surge?

Three key factors are driving the NHL’s financial evolution:

• Stable Revenue Growth: Despite challenges like market saturation in the U.S., the NHL has consistently increased its income across gate receipts, broadcast rights, and digital ventures.

• League Structure: The NHL’s hard salary cap and revenue-sharing mechanisms limit reckless spending and ensure most franchises remain profitable.

• U.S. Market Expansion: Strategic expansions and relocations, such as the Seattle Kraken’s success and the recent creation of the Utah Hockey Club, are helping the NHL tap into emerging U.S. markets.

Additionally, the NHL benefits from a growing fanbase in key Canadian and American markets. With four of the five most valuable teams based in traditional hockey hotbeds like Toronto, Montreal, and New York, the league continues to balance tradition with new growth.

Bell Centre, Montreal (source: Le Cantlie Suites)

Top 10 Most Valuable NHL Teams (2024)

Let’s dive into the top ten NHL franchises by valuation, examining what makes them economic heavyweights. (EBITDA -earnings before interest, taxes, depreciation, and amortisation) 

🥇 Toronto Maple Leafs

• Valuation: $4.0 Billion

• Revenue: $324M

• EBITDA: $139.5M

• Owners: Rogers Communications, BCE, Larry Tanenbaum

• Location: Toronto, Canada

The most valuable team in the NHL, the Toronto Maple Leafs, also hold the distinction of being the only franchise worth over $4 billion. Their financial strength is powered by a massive and loyal fanbase, elite media rights in Canada, and a historic brand that transcends generations. Despite decades without a Stanley Cup, the Leafs are a commercial juggernaut, often referred to as the “Yankees of the North”.

Mitch Marner, Toronto Maple Leafs (source: Mark Blinch, GI)

🥈 New York Rangers

• Valuation: $3.5 Billion

• Revenue: $317M

• EBITDA: $80M

• Owners: Madison Square Garden Sports

• Location: New York City, USA

Located in the media capital of the world, the Rangers benefit from premium ticket prices, extensive merchandise sales, and high-profile sponsorships. The team plays in Madison Square Garden—an iconic venue that helps maintain brand prestige. While playoff success has been inconsistent, their financial stability is rock solid.

J.T. Miller, New York Rangers (source: Daily Faceoff)

🥉 Montreal Canadiens

• Valuation: $3.1 Billion

• Revenue: $302M

• EBITDA: $111.2M

• Owners: Molson Family

• Location: Montreal, Canada

The Canadiens combine rich tradition with financial muscle. As one of the “Original Six,” the Habs command immense cultural and financial clout in Quebec and beyond. Their valuation reflects consistent gate revenue, strong local TV ratings, and their legacy as the most decorated team in NHL history.

Juraj Slafkovský, Montreal Canadiens (source: Icon Sportswire)

4. Los Angeles Kings

• Valuation: $2.85 Billion

• Revenue: $337M

• EBITDA: $110.1M

• Owner: Philip Anschutz

• Location: Los Angeles, USA

The Kings are a sleeper success story. Benefiting from L.A.’s massive market and a strong local fanbase developed post-2010, the Kings enjoy robust sponsorships and media deals. They also have strong real estate ties through AEG, which adds additional layers of value.

Brandt Clarke (Los Angeles Kings) with Rezztek® on his stick instead of tape

5. Boston Bruins

• Valuation: $2.75 Billion

• Revenue: $280M

• EBITDA: $78.8M

• Owner: Jeremy Jacobs

• Location: Boston, USA

The Bruins are a cornerstone of the New England sports ecosystem. With a loyal fanbase and strong playoff performance in recent years, the Bruins have solidified their place as a top-tier asset. TD Garden, their home arena, also adds significant value through consistent sellouts and events.

Jakub Lauko (Boston Bruins) with Rezztek® on his stick instead of tape

6. Edmonton Oilers

• Valuation: $2.65 Billion

• Revenue: $379M

• EBITDA: $156.9M

• Owner: Daryl Katz

• Location: Edmonton, Canada

The Oilers have skyrocketed in value thanks to generational talent Connor McDavid and increased competitiveness. They also enjoy strong revenues relative to market size, highlighting the passion of the Alberta fanbase. With a new downtown arena and playoff success, Edmonton is booming.

Evan Bouchard, Edmonton Oilers (source: ESPN)

7. Chicago Blackhawks

• Valuation: $2.6 Billion

• Revenue: $265M

• EBITDA: $103.3M

• Owners: Wirtz Family

• Location: Chicago, USA

Despite a recent rebuild, Chicago remains a powerful brand with a rich history and loyal fans. The Wirtz family has overseen both lean years and three Cups in the 2010s, and the city’s size ensures continued commercial potential.

Petr Mrázek (Chicago Blackhawks) with Rezztek® on his stick instead of tape

8. Philadelphia Flyers

• Valuation: $2.25 Billion

• Revenue: $247M

• EBITDA: $39M

• Owner: Comcast

• Location: Philadelphia, USA

Though struggling on the ice, the Flyers benefit from Comcast’s media empire and a deep-rooted identity in a gritty sports town. The valuation reflects their position as a steady revenue generator despite limited recent success.

Matvei Michkov, Philadelphia Flyers (source: Philly Hockey Now)

9. Washington Capitals

• Valuation: $2.1 Billion

• Revenue: $246M

• EBITDA: $79.3M

• Owner: Ted Leonsis

• Location: Washington, D.C., USA

Powered by a 2018 Stanley Cup run and a strong local fanbase, the Capitals are well-positioned in a top-ten media market. Leonsis also owns the Wizards and Capitals jointly, creating synergy in sponsorship and broadcasting.

Alexander Ovechkin, Washington Capitals (source: Sportsnet)

10. Detroit Red Wings

• Valuation: $2.05 Billion

• Revenue: $239M

• EBITDA: $34.3M

• Owner: Marian Ilitch

• Location: Detroit, USA

Detroit’s “Hockeytown” nickname is more than just branding—it’s a business asset. While the team has recently rebuilt, historical success and a loyal regional fanbase keep their valuation high.

Moritz Seider, Detroit Red Wings (source: The Hockey Writers)

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Middle of the Pack: Stability and Slow Climbers

Teams ranked 11–32 vary widely in value and performance, but most are benefiting from the same macroeconomic tailwinds. Franchises like the New Jersey Devils, Vancouver Canucks, and Dallas Stars are becoming more attractive as they build competitive teams and invest in modern facilities.

Others, like the San Jose Sharks and Buffalo Sabres, struggle with profitability or on-ice results but still maintain solid valuations due to market size or loyal fanbases. Smaller-market teams like the Winnipeg Jets or Columbus Blue Jackets lag behind, though they remain vital to league parity and still command billion-dollar valuations. This is a testament to the NHL’s structural support systems.

Jake Oettinger, Dallas Stars (source: Jessica Alchen/Imagn Images)

Young Guns: Vegas, Seattle & Utah

Vegas Golden Knights

Valued at $1.85B, the Knights are already outperforming legacy clubs. Their 2023 Stanley Cup win, electric game presentation, and deep local engagement have made Vegas one of the NHL’s premier destinations.

Seattle Kraken

At $1.6B, the Kraken have leveraged their brand, Climate Pledge Arena, and a passionate new fanbase to make an early financial splash. Their valuation trajectory mirrors expansion-era success stories like Vegas.

Jack Eichel, Vegas Golden Knights (source: NHL.com)

Utah Hockey Club

As the newest franchise (born from the relocation of the Arizona Coyotes), Utah’s $1.2B valuation is promising. While their revenue is modest ($119M), expectations are high thanks to a strong owner (Ryan Smith) and untapped regional potential.

Future expansion cities like Houston, Atlanta, or even Quebec City could potentially enter the league at or near billion-dollar valuations, a far cry from the 1980s, when teams like the San Jose Sharks debuted under vastly different economic conditions.

Clayton Keller, Utah Hockey Club (Jess Starr/The Hockey Writers)

What’s Next for NHL Valuations?

As we look ahead, several key factors will influence the next era of NHL economics:

• Media Rights: Renewals and streaming ventures could drive further revenue.

• Geopolitical Tensions: U.S.-Canada relations, currency fluctuations, and political climates (including Trump-era economic policies) could impact Canadian franchises especially.

• Arena Development: Teams with outdated facilities may see slower growth, while those investing in multi-use arenas (Seattle, Edmonton) could outpace peers.

Monumental Sports CEO Ted Leonsis on NHL valuations and the business of hockey

Will Anyone Surpass Toronto?

Possibly—but not easily. The Rangers and Kings have the media markets, while the Oilers and Canadiens have emotional capital. But Toronto’s unique blend of history, market, and media reach keeps them ahead—for now. Watch teams like Seattle, Dallas, and New Jersey. With young stars, savvy owners, and modern arenas, they could become the next billion-dollar dynamos.

How Simple Economics Ended The Quebec Nordiques

What About Non-NHL Teams?

Across Europe, several non-NHL hockey clubs stand out for their strong fan engagement, competitive success, and financial influence. In the 2023–2024 season, Kölner Haie (Germany) recorded the highest attendance among all non-NHL teams globally, averaging 16,993 spectators per game at the 18,500-seat Lanxess Arena. SC Bern (Switzerland), a long-time attendance leader, followed with 15,490 fans per game, while Frölunda HC (Sweden) and ZSC Lions (Switzerland) maintained robust numbers with 10,502 and 9,669, respectively.

Frölunda HC is also the most decorated team in the Champions Hockey League (CHL), having won four titles (2016, 2017, 2019, 2020) and appearing in five finals overall. These clubs not only dominate in terms of crowd support but also in international competition, underscoring their economic and sporting stature.

Kölner Haie v Edmonton Oilers (source: merkur.de)

In parallel, the Kontinental Hockey League (KHL)—the top professional league across Russia and parts of Eurasia—houses some of the highest-valued non-NHL teams. For the 2024–2025 season, SKA St. Petersburg led the league with a reported squad value of $11.1 million, followed by Avangard Omsk at $9.4 million and Dinamo Minsk at $8.9 million.

Attendance-wise, SKA drew 13,332 fans per game, while Dinamo Minsk and Avangard Omsk attracted 12,143 and 11,702, respectively. Despite limited transparency in financial reporting, these numbers highlight the KHL's significant influence in global hockey, both in terms of financial investment and fan loyalty.

Ivan Demidov, SKA St. Petersburg (source: RG.org)

The NHL’s Golden Era Has Begun

From modest beginnings to billion-dollar valuations, the NHL is now a serious player in the global sports economy. While challenges remain—aging arenas, small-market volatility, and on-ice parity—the league’s financial fundamentals have never been stronger. As the 2020s unfold, expect hockey to continue its slow, strategic rise—on the ice and in the bank.

🔗 Data Source: CNBC’s Official 2024 NHL Team Valuations, Benchrates.com, Hockey Worldwide