The valuation of ice hockey teams has for the first time exceeded the $4 billion mark. The NHL team valuation chart, led by the Toronto Maple Leafs with a valuation of $5.4 billion, followed by the New York Rangers at $4.7 billion and the Montreal Canadiens at $4.1 billion. Nowadays, the average valuation of NHL teams has risen to $2.71 billion, which is 23% higher than a year ago.

Don’t be misled by the only completed sale of NHL equity in the past 12 months: The Pittsburgh Penguins were sold to the Hoffman family for $1.8 billion. Although this transaction was approved by the league in June, the price was actually agreed upon about 18 months prior to that.

More attention should be paid to recent minority equity transactions. In March, NHL approved Tom Dutton's sale of 12.5% of his shares in the Carolina Hurricanes team, with the transaction valuing the team at $2.66 billion. Scott Malkin and other shareholders were also close to selling 15% of their shares in the New York Islanders team for a valuation of $3 billion. Sports bankers told CNBC that, considering the hot market for sports teams, these transactions represent potential levels of control for both teams.

"Like other major sports leagues, there is a strong demand for ice hockey teams because of the high value of their media content and the scarcity of such teams," said Sal Gallatietto, the person in charge of Galatioto Sports Partners who provides consulting services for both buyers and sellers in sports team transactions. "Capitalism and technology are creating more wealth, and like NHL, NFL, NBA, and MLB, the ice hockey industry has a very long product lifecycle, which serves as a hedge against the risks of artificial intelligence."

NHL is currently exploring national media copyright agreements in the United States with Walt Disney and Warner Bros., which have a combined annual value of nearly $650 million, extending until the 2027-28 season. However, given the strong television ratings of the league last season, there is a possibility that the copyright fees will be significantly increased.

Sports Media Watch wrote: 'During the 2025-26 season, the average audience for NHL's regular season on the ESPN / ABC and TNT Sports platforms was 546,000 people, which is a 25% increase from the previous year and represents the highest average level in over a decade.' The organization also stated: 'This 25% increase falls within the high range of overall growth in sports viewership. During the same period, NBA saw a 35% increase, men's college basketball grew by 19%, and NFL grew by 10%.'

Sports Media Watch also wrote that in 2026, the Stanley Cup playoffs in the United States attracted an average audience of 1.8 million viewers for ESPN / ABC and TNT Sports, representing a 68% increase from 2025, and this is the highest average audience since records of American television playoffs began in 1994.

NHL is considering expanding its team in cities such as Houston and Atlanta, and another factor driving up the valuation is the market's belief that the expansion fees paid by new teams will exceed $2 billion. The Seattle Seahawks are the most recent NHL team to expand, paying $650 million to join the league for the 2021-22 season.

According to the calculations of CNBC, the average revenue of the 32 teams in the league for the 2025-26 season was 257 million US dollars, an increase of 6% from the previous year; however, due to rising stadium costs, the earnings before interest, taxes, depreciation, and amortization (EBITDA) amounted to 48 million US dollars per team on average, a decrease of 11%. With the growth in revenue driven by hospitality, catering, and merchandise store expenditures, the league's profitability is expected to recover.

In April 2025, NHL and Rogers Communications agreed to sign a 12-year national media rights agreement in Canada, worth 7.79 billion Canadian dollars. Based on the exchange rate as of November 24th, this agreement will come into effect for the 2026-27 season. This amount exceeds more than twice the value of the 12-year agreement currently in place between the league and Rogers. This move is expected to boost the league's hockey-related revenue—including media rights, sponsorship, premium seating, tickets, catering, and parking—to approximately 7.25 billion US dollars for the 2026-27 season, representing a 7% increase from the previous season.

Methodology

The official valuation of the NHL team, represented by CNBC, reflects the current enterprise value – that is, equity plus net debt – and is calculated using the revenue multiple method. It also takes into account the economic benefits of the team's stadium, including non-NHL revenues that belong to the team owners. The valuation is intended to reflect the potential transaction price for controlling interest in a fair transaction and does not include the value of the stadium itself or the property on which it is located.

Income data has already deducted income sharing, as well as 35% of the revenue from non-premium tickets for home playoff games that is allocated to the league's income sharing pool. The income multiple is based on historical transaction prices, as well as the views of investors, league executives, and bankers regarding the current market.

The valuation of CNBC does not include other businesses that are related to the team but have their own independent financial statements, such as the multi-purpose real estate projects of the Edmonton Oilers. For teams like the Oilers that sell their own merchandise, CNBC deducts the cost of goods sold from the sales revenue. Similarly, to ensure consistency in the measurement of enterprise value/revenue and the multiple of enterprise value/ EBITDA, CNBC also excludes the market value of affiliated companies/equity method investments. The debt data uses the most current available information, which includes both the team's debts and the debts of the arena.

If the new arena has already begun construction and financing has been secured, CNBC will include its value in the valuation. For example, the valuation of $2.25 billion for the Calgary Flames team includes their new arena, which is scheduled to be put into use before the 2027-28 season. Similarly, the valuation of CNBC also expects a significant increase in the next national broadcasting agreement in the United States under NHL, which is expected to commence in the 2028-29 season.

The income and EBITDA data correspond to the 2025-26 season, and income sharing and player management fees have been deducted. CNBC presents income and operating profits on a cash basis rather than an accrual basis. The data in CNBC is different from the official hockey-related income of the league, as we also include non-NHL arena income that flows to the teams within that arena. When the arena owner owns both NHL team and NBA team playing at the same venue – for example, the Toronto Maple Leafs and the Raptors, both owned by Rogers Communications and using Scotiabank Arena – we distribute the non-sports activity income from the arena equally between the two teams.

All valuations are in US dollars. The exchange rate for revenue and EBITDA is based on the annual average, which is 0.72 US dollars per Canadian dollar for the period from June 2025 to June 2026; the exchange rate for the team's valuation and debt is based on the rate on September 21st, which is 0.71 US dollars per Canadian dollar.

The sources for NHL team valuations include team owners, investors, and executives, as well as sports bankers and league consultants; public documents such as arena lease agreements, budget audits of arena management organizations, and credit rating reports; and executives from the sponsorship and broadcasting industries. Some data was provided to CNBC by league executives under anonymity, as the relevant agreements are private and they are not authorized to discuss them publicly. Data that could not be verified through sources was estimated by CNBC.

Jungwoo Ethan Kim of CNBC has contributed to this report.