NHL Team Valuations 2025: Toronto Maple Leafs Lead as Average Value Hits $2.2 Billion

NHL Team Valuations Overview

• 📈 The average NHL team is now valued at $2.2 billion, marking a 15% increase from the previous year.
• 🏆 The Toronto Maple Leafs top the list at $4.3 billion, followed by the New York Rangers, Montreal Canadiens, Los Angeles Kings, and Edmonton Oilers.

Drivers of Valuation Growth

• 📺 National TV deals are a primary driver, with the upcoming Canadian deal more than doubling the current one, and the US deal potentially doubling as well.
• 🎟️ Gate revenue (ticket sales) has seen a significant 20% average increase over the past two years, indicating strong fan engagement.

US vs. Canadian Team Dynamics

• 📉 US teams face headwinds from stagnant or declining local TV rights, with teams like the Rangers taking an 18% haircut on MSG.
• 💰 Conversely, Canadian teams are experiencing substantial increases in local TV rights, with the Montreal Canadiens securing a deal worth about $70 million annually.
• 🌍 These economic factors make it challenging for US teams to surpass Canadian teams like the Maple Leafs in valuation.

League Comparisons and Financial Health

• 📊 In terms of revenue multiples, hockey is surpassing baseball, with NHL teams averaging nine times revenue compared to baseball's five to six times.
• ⚖️ Hockey's cost certainty, due to a hard salary cap (player costs locked at 50% of revenue) and controlled arena costs, makes it attractive to investors.
• 💰 This cost certainty results in strong EBITDA margins, comparable to or even higher than the NBA, encouraging investment in limited partnership stakes in NHL teams.