On the 592nd Sporticast episode, hosts Scott Soshnick and Eben Novy-Williams speak with colleague Kurt Badenhausen about his latest list of NHL franchise valuations, the league’s looming expansion, and why the biggest-market teams tend to struggle to win Stanley Cup titles.

The Toronto Maple Leafs ($4.8 billion) are the most valuable franchise in the NHL, followed by the New York Rangers ($4.15 billion), Montreal Canadiens ($3.8 billion), Los Angeles Kings ($3.33 billion) and Boston Bruins ($3.31 billion). The Columbus Blue Jackets ($1.5 billion) rank 32nd.

The hosts break down the numbers, including a surge for Sun Belt franchises like the Carolina Hurricanes and the Florida Panthers, both of which have won recent championships. Those teams have better weather, and some are in states without income taxes, which many think helps them attract talent to their rosters.

Now the league is looking to expand in the American South, something that would have sounded insane a decade ago, when all the expansion conversations seemed focused around putting second teams in Quebec or Ontario or other cold-weather places. The get-in price for this round of NHL expansion, which will likely start in Texas, is probably around $2.5 billion.

They close by diving into the economics of expansion vs. relocation. At $2.5 billion, interested parties could likely buy a number of different existing NHL teams, which have infrastructure already in place. The hosts talk about why that is, how relocation fees help rebalance the calculus, and also why this conversation is different in some other leagues that are expanding, like the NBA, NWSL and WNBA.

(You can subscribe to Sporticast through Apple, Spotify, or wherever else you get your podcasts.)

On the 591st Sporticast episode, hosts Scott Soshnick and Eben Novy-Williams discuss some of the biggest sports business stories of the week, including a jam-packed pro sports day on Tuesday.

The NHL’s regular season starts with five games, which overlaps with the start of MLB’s playoffs that same day. Two series in the WNBA playoffs also have games on Tuesday night.

A New York sports fan who roots for the Yankees and Rangers might need to decide whether to focus on their MLB team’s playoff series opener against the rival Red Sox, or the NHL team’s season opener against the rival Bruins. The same holds for a fan of those two Boston clubs.

The hosts talk about why this overlap exists, and whether there’s a better option for when the NHL season should start. They also preview the season, with the Florida Panthers opening as the Stanley Cup favorite. The Tkachuk bothers have united in Florida, which could give the league a marketing opportunity that breaks through to more casual sports fans who don’t follow the NHL on a regular basis.

Next the hosts talk about the NFL game in Brazil between the Baltimore Ravens and Dallas Cowboys. There were 65 points scored, and the Ravens won on the final play, creating a nice advertisement for the league in a critical overseas market. It also quieted controversy from before the game about the quality of the playing surface in the Maracanã Stadium.

The hosts close by running through a few other topics: recent comments made by Cowboys co-owner Stephen Jones, a new jersey patch deal for the Philadelphia 76ers and a college sports bill set for a vote in the U.S. Senate.

(You can subscribe to Sporticast through Apple, Spotify, or wherever else you get your podcasts.)

On the latest Sporticast episode, hosts Scott Soshnick and Eben Novy-Williams are joined by Kurt Badenhausen, Sportico‘s valuations expert, to discuss his latest NHL valuations.

The average NHL team is now worth $2.1 billion, up 17% from last year’s numbers. The Toronto Maple Leafs top the list at $4.25 billion, followed by the New York Rangers ($3.65 billion) and the Montreal Canadiens ($3.3 billion). The Columbus Blue Jackets are last at $1.3 billion.

The hosts talk about the tailwinds for the league right now. A new Canadian media deal and long-term labor peace have created a sense of stability and revenue certainty. Teams are expecting a boost from the next U.S. national TV deal as well. The downside of the RSN collapse, which has impacted the NBA and MLB as well, has been softened by the fact that RSNs in Canada have remained strong.

Over the past few years the NHL has crept closer to MLB in valuations. The average MLB team is worth about $2.8 billion, but the get-in price for both leagues is around $1.3 billion. In Tampa in the past two years, the Lightning sold for more than the Rays.

The trio discusses success in the Sun Belt—particularly for the Florida Panthers and Carolina Hurricanes—and how the NHL might better monetize its popularity oversees. NHL players will skate in the Winter Olympics next year in Italy, the first Games since 2014 to feature the world’s top players.

They close with a discussion about the culture of NHL locker rooms, where stars have historically shied away from marketing opportunities. Outside of Alex Ovechkin and Sidney Crosby, who is the third-most recognizable active NHL player in the U.S.? The hosts debate.

(You can subscribe to Sporticast through Apple, Spotify, or wherever else you get your podcasts.)

On the latest Sporticast episode, hosts Scott Soshnick and Eben Novy-Williams speak with Shawn Thornton, chief revenue officer of the Florida Panthers, about the team’s return to the Stanley Cup Final and what it means for various different revenue streams.

The Panthers face the Edmonton Oilers in Game 1 of the Finals on Wednesday. It’s a rematch of last year’s final, which the Panthers won in seven games, and the third straight Stanley Cup Final appearance for the Florida team.

Thornton talks about what that multiyear success means for the team. He discusses ticket renewals, sponsorship sales, and ticket pricing. He jokes that while he doesn’t get a ton of inbound sales calls, the conversations are easier now.

He also gave his thoughts on the team’s local media partnership. The Panthers used to be on one of the Bally’s RSN networks, but last summer moved to a broadcast deal with Scripps, a setup similar to a handful of other NBA, NHL and MLB teams caught in the Diamond Sports bankruptcy. While he declined to provide specifics on the economics, he did say game viewership is up more than 2x in some cases, and that helps the team in its broader partnership conversations.

The trio discusses the Tkachuk brothers–Matthew is one of the Panthers’ stars–who boosted their popularity during the Four Nations Face-Off earlier this year. That bleeds into a conversation about NHL players and their relationship with fame and marketing deals. For years, many marketing executives felt the culture of the sport made stars less likely to market themselves. Now, however, a fresh crop of young NHL stars seems to be changing that narrative, with a boost from new media and the league itself.

Thornton also talks about his personal journey from professional hockey player to team revenue boss. He played in the NHL for the Blackhawks, Ducks, Bruins and Panthers. At each stop, he said he gravitated to the business office. He arrived at the Panthers shortly after Vinny Viola bought the team in 2013 for $250 million, and the role grew from there.

(You can subscribe to Sporticast through Apple, Google, Spotify, YouTube, or wherever else you get your podcasts.)