Year after year, estimates of NHL franchise wealth place the Maple Leafs and Rangers virtually tied at the top of the list.
In The Hockey News' 2025 "Hockey Business Annual," Executive Chairman and Publisher W. Graeme Roustan of Roustan Media, Ltd., pegged the valuation of both franchises at $4 billion; ergo league-leaders in the NHL money market.
Yet the Torontonians haven't won The Stanley Cup since 1967 and the Rangers have been Cup-less since 1994. Hard to believe, isn't it?
With that in mind, The Maven commissioned Toronto-based hockey fiscal expert Mark Nussbaum for capsule reasons why this uncanny non-Cup run continues despite vast riches for both clubs. Take it away Mark:
"Let’s start with the obvious: When you head into the Christmas break and you’re not in a playoff spot, the chances are you are not going to get in next April.
"That said, let’s take a deeper dive into why the Leafs and Rangers are not Stanley Cup contenders. Consider these factors:
1. Consistency: Both teams lack this vital trait. They can play a few good periods – here and there – to be sure. They can win a couple of games. But a consistent stretch of good hockey? It’s a tall task for them because they have not displayed the ability to play their game at a consistent level.
2. Belief In Their Core Players Is Lacking: Each team suffered issues with core players and their production this season. However, when Core players are at the top of their games, they inject life into the team. When they are not, the roster is like a failing house of cards. Breadman Panarin and William Nylander have enjoyed reasonably good seasons so far, but other parts of both cores – such as Mika Zibanejad and Auston Matthews – have not been up to par.
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3. Team Chemistry: It's missing on both sides of the border. Sure, sniffs of it can be inhaled once in a while but there's hardly enough of it. Part of this issue can be blamed on the Leafs captain, Matthews, and his Rangers' counterpart, J.T. Miller."
In order for a team to make a deep playoff run – let alone raise Stanley – the above- mentioned ingredients must be available in large doses.
Despite all the monetary assets that the Maple Leafs and Rangers have accumulated it cannot buy them a Stanley Cup!
It seems incredible when you think about it, but it's true.