It’s been a good time to own an NHL franchise over the past decade. According to Forbes, which recently released its latest Business of Hockey series, the estimated value of the average NHL franchise has risen 172 percent over the past 10 years from $220 million in 2008 to $598 million this year.
The average NHL team’s value is up nearly $380 million since 2008
The past decade has been good to NHL franchise values.
Photo by Andrew Burton/Getty Images
That’s a pretty stellar return on investment, and it shows why commissioner Gary Bettman has the confidence of the owners despite whatever fans might think about him. His primary job is to make the NHL and its owners as much money as possible, and in that role, he’s largely succeeded.
The most valuable team a decade ago was the Toronto Maple Leafs, valued at $448 million. Now there are 17 teams estimated to be worth at least that much, led by the New York Rangers at $1.5 billion. The Leafs are right behind at $1.4 billion, followed by the Montreal Canadiens ($1.4 billion) and Chicago Blackhawks ($1 billion).
Here’s the full list, sorted by largest increases:
NHL team values, 2008 vs. 2017
Team | 2008 | 2017 | Change |
|---|---|---|---|
| Blackhawks | $205,000,000 | $1,000,000,000 | 387.80% |
| Capitals | $160,000,000 | $625,000,000 | 290.63% |
| Canadiens | $334,000,000 | $1,250,000,000 | 274.25% |
| Rangers | $411,000,000 | $1,500,000,000 | 264.96% |
| Kings | $210,000,000 | $750,000,000 | 257.14% |
| Bruins | $263,000,000 | $890,000,000 | 238.40% |
| Penguins | $195,000,000 | $650,000,000 | 233.33% |
| Maple Leafs | $448,000,000 | $1,400,000,000 | 212.50% |
| Canucks | $236,000,000 | $730,000,000 | 209.32% |
| Oilers | $175,000,000 | $520,000,000 | 197.14% |
| Blues | $162,000,000 | $450,000,000 | 177.78% |
| Sharks | $179,000,000 | $490,000,000 | 173.74% |
| Flyers | $275,000,000 | $740,000,000 | 169.09% |
| Islanders | $154,000,000 | $395,000,000 | 156.49% |
| Jets | $158,000,000 | $375,000,000 | 137.34% |
| Predators | $164,000,000 | $380,000,000 | 131.71% |
| Red Wings | $303,000,000 | $700,000,000 | 131.02% |
| Ducks | $202,000,000 | $460,000,000 | 127.72% |
| Hurricanes | $168,000,000 | $370,000,000 | 120.24% |
| Flames | $203,000,000 | $430,000,000 | 111.82% |
| Coyotes | $142,000,000 | $300,000,000 | 111.27% |
| Sabres | $169,000,000 | $350,000,000 | 107.10% |
| Senators | $207,000,000 | $420,000,000 | 102.90% |
| Wild | $217,000,000 | $440,000,000 | 102.76% |
| Blue Jackets | $157,000,000 | $315,000,000 | 100.64% |
| Lightning | $200,000,000 | $390,000,000 | 95.00% |
| Stars | $273,000,000 | $515,000,000 | 88.64% |
| Panthers | $163,000,000 | $305,000,000 | 87.12% |
| Devils | $222,000,000 | $400,000,000 | 80.18% |
| Avalanche | $231,000,000 | $385,000,000 | 66.67% |
| Golden Knights | $500,000,000 | ||
| $6,586,000,000 | $17,925,000,000 | 172.17% |
(Note: Golden Knights’ valuation not included in leaguewide total comparison.)
The Blackhawks in particular are the NHL’s shining story of success over the past decade. Since Rocky Wirtz took over the team following the death of his father, they’ve won three Stanley Cups and became one of hockey’s marquee franchises. As a result, the team’s valued has skyrocketed from an estimated $205 million in 2008.
Chicago’s 10-year valuation increase of 388 percent is by far the highest of any NHL team, and it shows what a perfect confluence of factors came together. The Blackhawks were an Original Six team coming off a depressing era of mediocrity with a new owner, a trio of superstars in Patrick Kane, Jonathan Toews, and Duncan Keith, and a fan base rabid for the chance to root for a team that actually looked like it had ambition.
Not every team has seen such massive success, however. At the bottom of the list of 10-year valuation increases you have the Colorado Avalanche, whose growth has been stifled by a poor product on the ice. They’ve seen their valuation rise from $231 million to $385 million, a 67 percent increase that’s the lowest in the league. The Tampa Bay Lightning, Dallas Stars, New Jersey Devils, and Florida Panthers also saw sub-100 percent increases in estimated team value.
But those values are still going up, and the league is trying to push them even higher. The Vegas Golden Knights paid an expansion fee of $500 million to join the NHL. A potential new franchise in Seattle will have to pay $650 million for the same privilege. That team could begin play for the 2020-21 season.
It’s fair to wonder whether those are fair prices given that seven teams operated at a loss last season and it continues pushing into smaller markets than, say, Los Angeles or Chicago. People are paying hundreds of millions of dollars to own businesses that lose money.
However, there’s also reason to think that Forbes’ estimates could be conservative, and we saw proof of that this week. The Hurricanes were just estimated at a value of $370 million, but Tom Dundon has signed an agreement to buy just over 50 percent of the team at a $460 million valuation, with a chance to eventually buy the rest of the team at a $550 million valuation.
If the Hurricanes, who have the league’s lowest attendance and play in the relatively modest market of Raleigh, N.C., are worth $460 million right now, then there’s some good news for smaller franchises, too.
It’s important to remember that there are only 31 (possibly 32 soon) franchises that exist in the NHL, so they’re a limited commodity that can’t necessarily be created just by spending more money. Even if you’re a billionaire, you still need to find an NHL team willing to sell, and there are a limited number of them. That inherent scarcity is part of what’s made major professional sports franchises skyrocket in value across the board as wealthy people try to get in on the game.
For the NHL, and in particular successful teams in large markets, that’s proven to be very lucrative. The future still has a lot of question marks, including possible expansion and the next round of collective bargaining negotiations, but that trend of rising team values seems likely to continue.
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