The National Hockey League has reached a significant financial milestone, with team valuations officially crossing the four billion dollar threshold for the first time. According to the latest assessments by CNBC, the Toronto Maple Leafs lead the league with a valuation of 5.4 billion dollars, followed by the New York Rangers at 4.7 billion dollars and the Montreal Canadiens at 4.1 billion dollars. The average value of an NHL franchise has risen to 2.71 billion dollars, representing a 23 percent increase over the previous year.
While the sale of the Pittsburgh Penguins to the Hoffmann family for 1.8 billion dollars was the only control transaction to close in the past year, that price was negotiated approximately 18 months ago. More recent minority stake deals provide a clearer picture of the current market heat. In March, the league approved the sale of a 12.5 percent stake in the Carolina Hurricanes, which valued the team at 2.66 billion dollars. Additionally, shareholders of the New York Islanders are nearing the sale of a 15 percent stake at a 3 billion dollar valuation. Sports bankers indicate that these minority deals reflect the likely price for full control stakes in today's robust market.
Sal Galatioto, a partner at Galatioto Sports Partners, attributed the high demand to the scarcity of teams and the high value of media content. He noted that the NHL, like other major leagues, offers a long product life cycle that serves as a hedge against risks in the technology sector. This demand is further supported by strong viewership numbers. Sports Media Watch reported that the 2025-26 regular season averaged 546,000 viewers across ESPN, ABC, and TNT Sports, a 25 percent jump from the prior year and the highest average in over a decade. The 2026 Stanley Cup Playoffs also set records, averaging 1.8 million U.S. viewers, which was a 68 percent increase from 2025.
Financial performance for the 32 teams showed mixed results in the 2025-26 season. Average revenue reached 257 million dollars, up 6 percent from the previous year. However, EBITDA, or earnings before interest, taxes, depreciation, and amortization, declined by 11 percent to an average of 48 million dollars per team, primarily due to increased arena expenses. Analysts expect profitability to rebound as spending on hospitality, concessions, and merchandise continues to grow.
A major driver of future revenue is a new 12-year national media rights deal with Rogers Communications, signed in April 2025. Worth 7.79 billion dollars based on exchange rates as of late November, this agreement begins with the 2026-27 season and more than doubles the value of the previous contract. This deal is expected to push the league's total hockey-related revenue to approximately 7.25 billion dollars for the upcoming season, a 7 percent increase.
Expansion plans are also influencing valuations. The NHL is considering adding teams in cities such as Houston and Atlanta. With the Seattle Kraken paying a 650 million dollar expansion fee for the 2021-22 season, there is a strong belief that future expansion fees will exceed 2 billion dollars. These factors, combined with existing media rights deals with Walt Disney and Warner Bros. Discovery worth nearly 650 million dollars annually through the 2027-28 season, continue to support high team values.
CNBC's valuations represent current enterprise values, including equity and net debt. These figures are calculated using revenue multiples and include the economics of the team's arena, such as non-NHL revenue that accrues to the owner. The assessments aim to reflect what a control stake would fetch in an arm's-length transaction, excluding the value of the real estate itself. Debt figures include both team and stadium debt, while revenue figures are net of revenue sharing and player escrow.
Specific adjustments are made for teams with unique financial structures. For instance, the Calgary Flames' 2.25 billion dollar valuation incorporates their new arena, which is scheduled to open for the 2027-28 season. For teams that own both an NHL and NBA franchise in the same building, such as the Maple Leafs and Raptors, revenue from non-sports events is divided evenly between the two teams. All figures are presented in U.S. dollars, using average exchange rates from the past year for revenue and current rates for debt and valuation.
The data for these valuations comes from a variety of sources, including team owners, investors, league executives, and sports bankers. Public documents such as stadium leases and credit rating reports also contributed to the analysis. Some figures were provided by league executives on condition of anonymity due to the private nature of their agreements. Where specific numbers could not be fully confirmed, they represent CNBC estimates. The methodology ensures consistency in enterprise value to revenue and EBITDA multiples across all 32 franchises.
