2025 CNBC NHL franchise valuations: See how all 32 teams rank originally appeared on NBC Sports Philadelphia

The highest-valued NHL team still reigns in Canada.

The Toronto Maple Leafs remain No. 1 on CNBC’s list of NHL valuations for 2025 at $4.3 billion, a lead of $500 million over the second-highest team. It also is $2.1 billion above league average. Toronto in 2024 had a valuation of $3.8 billion and sat $1.89 billion above league average.

Trailing the Maple Leafs in the top three are the same two teams from 2024. The New York Rangers are second with a valuation of $3.8 billion, a $300 million increase. In third are the Montreal Canadiens, which also rose by $300 million to hold a $3.4 billion valuation.

There has been a slight shakeup in the top five, though. While the Los Angeles Kings remain No. 4 at $3.15 billion, the Edmonton Oilers ($3.1 billion) have bumped down the Boston Bruins ($3.05 billion) to seize the No. 5 spot.

Rounding out the top 10, in order, are the Chicago Blackhawks ($2.75 billion), Philadelphia Flyers ($2.6 billion), Washington Capitals ($2.5 billion) and Detroit Red Wings ($2.47 billion)

With the average NHL team now worth $2.2 billion, 15% more than last year, what’s behind the increase? CNBC senior sports reporter Michael Ozanian broke it down with the most important factor.

“The increase in values for NHL teams largely stems from their national media rights deal,” Ozanian said. “So, earlier this year, Rogers Communications, which has the national rights for National Hockey League games in Canada, they signed a new deal with the NHL that’s more than a 100% increase over their existing deal. And what analysts are telling me in the media space that sort of advise and consult for teams and leagues and networks, is that the next deal for the United States? The next national deal is likely also see a doubling in value.”

The national media deals are significant in hockey because the money involved are split evenly among the 32 teams. Whether a team is in Winnipeg or in New York, winning or losing, the revenue share is equal.

So, why do the Maple Leafs have a sizeable lead over the Rangers, who are located in the biggest U.S. market? Ozanian explained that it stems from the difference between national media revenue versus local TV rights.

“The local TV rights, particularly those rights on regional sports networks in the U.S., are under a lot of pressure,” Ozanian started. “They’re … being reduced. So, for example, in the case of the New York Rangers MSG Networks, which sort of went under some reorganization because it didn’t have the cash to pay its debt, the Rangers are taking an 18% haircut to their local TV rights. Other teams in the U.S. have taken similar cuts to their local TV rights …

“… These teams, with a combination of free TV rights and streaming, which is where a lot of these distribution is headed, may eventually make up the difference for what they’ve lost. There are some rights, but for now the Canadian teams have a big advantage because they’ve been getting actually huge increases in their local TV rights.”

For some teams, controlling the arena they play in can also be a key contributing factor to a high valuation. For example, the Bruins, who routinely collects healthy net ticket revenue, also benefit from non-NHL events at TD Garden.

“The Celtics, the NBA team that shares that arena, they’re just tenants,” Ozanian said. “They sort of have a lease agreement with the Bruins, so it’s the Bruins that get money from concerts and things like that at the building.”

A similar process could unfold for the Flyers, who will move into a new arena in 2030 alongside the Philadelphia 76ers. So, along with the Flyers recently pushing across price increases for the first time in a while, the stadium value and control will help boost the team’s valuation further.

But an extra caveat to the new arena is the sponsor name. Previously named Wells Fargo Center, the Flyers had limited themselves to other financial companies being sponsors in the building due to the name. Now named Xfinity Mobile Arena, there’s more potential for growth.

“… It’s opened up a huge space in financial services, which are a big category in terms of sponsoring an arena, either naming rights or various ads and sponsors on the inside of the building,” Ozanian said. “And those sponsorship revenues and advertising revenues at the arena are kept by the team…So having that new naming rights partner is another big advantage to the Flyers and a big reason why they’re in the top third of our list.”

On the flip side, the bottom five NHL teams in terms of valuations fare differently for multiple reasons. The San Jose Sharks are ranked No. 28 with a valuation of $1.55 billion. Lurking behind the Sharks are the No. 29 Winnipeg Jets ($1.46 billion), No. 30 Ottawa Senators ($1.44 billion), No. 31 Buffalo Sabres ($1.42 billion) and last-place Columbus Blue Jackets ($1.4 billion).

The Blue Jackets remained in last place but grew from their previous $1 billion valuation, while the Jets rose from No. 31 to 29. The biggest shakeup involved San Jose dropping from No. 25 last season ($1.4 billion) to the bottom five, as the new-look Utah Mammoth climbed to No. 27.

Why has that been the case for a franchise located in the Bay Area? For one, San Jose ranked second to last in the league last season in regular-season ticket revenue.

“The Sharks have just had a lot of trouble generating a consistent interest of fans last season,” Ozanian started. “… They only brought in $44 million for the whole season and regular season ticket row. The typical NHL team brings in somewhere around $80 million, so they’re doing about half of what the typical team does.”

But the Sharks have plenty of potential to bite its way up the list, including looking for a new owner, as Ozanian explained.

“I would have to say that the Sharks … are a, for lack of a better term, an underperforming team in the sense that they’re not in a huge market, but it’s a fairly high net worth market and they should be doing better,” Ozanian said. “They’re a team that I wouldn’t be shocked if somebody was eyeing a potential buyer and said, if I bought this team, I could increase the revenue significantly.

“They control the building. So there’s an opportunity there. Hence revenue not just from NHL games, but also from non-NHL events. They also recently extended their lease there, so they’ll have a buyer that would look at that and say, you know, I have controlled this arena for a while. So I have to say it’s an interesting situation that I think an investor would have to consider.”