While the NHL may lack the financial heft of the NFL, NBA, or even MLB, its growth trajectory is unparalleled. Hockey’s appeal is surging, with franchise values seeing a dramatic rise. According to Forbes’ 2024 estimates, the average NHL team’s valuation soared by 44% this year, reaching $1.9 billion—a rate that far outpaces the gains in football (11%), basketball (15%), and baseball (4%). Over the past five years, NHL franchise values have climbed an impressive 187%, a growth metric that exceeds even the upward trends in global soccer.
One standout example of this surge is the Utah Hockey Club. Formerly known as the Arizona Coyotes and operating out of a 5,000-seat college venue, the franchise experienced a staggering 140% year-over-year increase in value, rising from $500 million in 2023 to $1.2 billion in 2024. Such extraordinary growth underscores the league’s overall upward momentum. It is worth noting, however, that the NHL’s most valuable team, the Toronto Maple Leafs, valued at $3.8 billion, still trails behind all 32 NFL teams, 18 NBA franchises, and four MLB clubs in worth.
Yet, this league-wide growth is not solely attributable to outliers or low starting valuations. Major League Soccer (MLS), for instance, has an average team valuation of $658 million, yet its growth this year was a modest 14% compared to the NHL’s robust gains. So, what’s driving hockey’s financial ascent?
Rising Revenues Across the League
One clear factor is the NHL’s improving revenue profile. Average team revenues reached $225 million last season, marking a 12% rise from the previous year’s $201 million. Additionally, average operating income saw a 5% boost, climbing to $53 million. Notably, every team in the league turned a profit except the Arizona Coyotes, whose relocation to Utah is expected to change their fortunes dramatically.
Attendance figures also reached new heights, with a record 22.9 million fans attending games last season. Ticket sales contributed $1.8 billion, up 6% from the prior year. Luxury suite and club seating revenues saw even steeper growth, jumping 13% to surpass $1.2 billion. Meanwhile, local sponsorship and advertising revenue grew by an impressive 19%, crossing the $900 million threshold. On a league-wide scale, the NHL expanded its sponsorship roster to an unprecedented 74 brands.
Innovation in Advertising
The introduction of digitally enhanced dashboards (DEDs) during the 2022-23 season has proven to be a major revenue driver. This technology allows broadcasters to replace static rink-side ads with dynamic virtual advertisements tailored to specific geographic audiences. Brands can now sponsor distinct parts of a game, such as faceoffs or overtime periods. For instance, Norwegian Cruise Line, the league’s first cruise partner, sponsors the first goal of the game during ESPN and TNT broadcasts.
According to Joseph De Sousa, the NHL’s Chief Financial Officer, “When you combine the national and team levels, the digital dashboards will surpass around $200 million this year.” This represents entirely new revenue for the league, further solidifying its growth trajectory.
Market Dynamics and Revenue Multiples
While revenue growth has been significant, hockey’s rising franchise valuations have more to do with revenue multiples. Recent sales have reset the market for NHL franchises. For example, the Tampa Bay Lightning’s $1.8 billion sale in October occurred at 8.2 times revenue, while the Utah Hockey Club’s $1.2 billion deal featured a 9.8 multiple. Comparatively, the Ottawa Senators sold for $950 million (7.4x revenue) in 2023, and the Pittsburgh Penguins were acquired for $875 million (4.7x revenue) in 2021. On Forbes’ latest list of the NHL’s most valuable teams, the average multiple stands at 8.5, with the Toronto Maple Leafs topping the list at 12.3. For the first time, all 32 NHL franchises are valued at $1 billion or more.
Challenges and Shifts in Local Media Rights
Despite the optimism, challenges remain—particularly in local media rights. The bankruptcy of Diamond Sports Group, a major regional sports network operator, has led to renegotiated deals at lower fees for some teams. Others, such as the Anaheim Ducks, Dallas Stars, and Utah Hockey Club, are pivoting to direct-to-consumer streaming or free over-the-air broadcasts. This shift reflects an evolving landscape for media revenue, which could impact some teams’ bottom lines.
However, local media represents a decreasing share of the NHL’s revenue pie. League-wide hockey-related revenue is projected to reach $6.6 billion this season, bolstered by other promising developments. For instance, the NHL’s upcoming Canadian broadcast deal, set to begin in 2026, is expected to at least double, and potentially triple, its current rights fee. Meanwhile, U.S. television rights are slated to hit the market in 2028, offering another major growth opportunity.
Strategic Marketing and International Expansion
The NHL has also ramped up its marketing efforts, including a focus on player-driven campaigns. Initiatives like the Amazon Prime Video docuseries Faceoff, which is likely to receive a second season, aim to bring players’ personalities to the forefront and attract new fans. Additionally, the league is reinvigorating international competition. In February, the NHL will replace its All-Star Game with the 4 Nations Face-Off, marking a return to global tournaments ahead of the 2026 Olympics and the 2028 World Cup. Stephen McArdle, the NHL’s Chief Operating Officer, notes, “We know our fans want it, our broadcast partners are highly interested in it, and most importantly our players very much want it.”
The NHL’s Most Valuable Teams 2024
The following table summarizes the NHL’s most valuable teams for 2024, highlighting their value, one-year change, operating income, and ownership:
| Rank | Team | Value (Billion) | One-Year Change | Operating Income (Million) | Owners |
|---|---|---|---|---|---|
| 1 | Toronto Maple Leafs | $3.8 | 36% | $125 | Rogers Communications, Larry Tanenbaum |
| 2 | New York Rangers | $3.5 | 32% | $104 | Madison Square Garden Sports |
| 3 | Montreal Canadiens | $3.0 | 30% | $142 | Molson family |
| 4 | Los Angeles Kings | $2.9 | 45% | $143 | Philip Anschutz |
| 5 | Boston Bruins | $2.7 | 42% | $69 | Jeremy Jacobs |
| 6 | Edmonton Oilers | $2.65 | 43% | $213 | Daryl Katz |
| 7 | Chicago Blackhawks | $2.45 | 31% | $100 | Danny Wirtz |
| 8 | Philadelphia Flyers | $2.3 | 39% | $71 | Comcast |
| 9 | Washington Capitals | $2.15 | 34% | $80 | Ted Leonsis |
| 10 | Detroit Red Wings | $2.125 | 77% | $53 | Marian Ilitch |
| 11 | New Jersey Devils | $2.1 | 45% | $67 | Josh Harris, David Blitzer |
| 12 | Dallas Stars | $2.0 | 85% | $59 | Tom Gaglardi |
| 13 | Vancouver Canucks | $1.95 | 47% | $41 | Aquilini Investment Group |
| 14 | New York Islanders | $1.9 | 23% | $29 | Jon Ledecky, Scott Malkin |
| 15 | Vegas Golden Knights | $1.85 | 64% | $59 | Bill Foley |
| 16 | Tampa Bay Lightning | $1.8 | 44% | $44 | Jeffrey Vinik, Doug Ostrover, Marc Lipschultz |
| 17 | Pittsburgh Penguins | $1.75 | 49% | $52 | Fenway Sports Group |
| 18 | Colorado Avalanche | $1.7 | 48% | $20 | E. Stanley Kroenke |
| 19 | Calgary Flames | $1.65 | 50% | $37 | N. Murray Edwards |
| 20 | Seattle Kraken | $1.6 | 31% | $22 | Samantha Holloway, Tod Leiweke |
| 21 | Minnesota Wild | $1.55 | 48% | $32 | Craig Leipold |
| 22 | Nashville Predators | $1.5 | 54% | $33 | Bill Haslam |
| 23 | St. Louis Blues | $1.45 | 46% | $10 | Tom Stillman |
| 24 | Florida Panthers | $1.4 | 81% | $10 | Vincent Viola |
| 25 | San Jose Sharks | $1.35 | 50% | $2 | Hasso Plattner |
| 26 | Anaheim Ducks | $1.3 | 41% | $15 | Henry and Susan Samueli |
| 27 | Carolina Hurricanes | $1.25 | 52% | $23 | Tom Dundon |
| 28 | Utah Hockey Club | $1.2 | 140% | -$4 | Ryan and Ashley Smith |
| 29 | Ottawa Senators | $1.15 | 21% | $4 | Michael Andlauer |
| 30 | Buffalo Sabres | $1.1 | 47% | $13 | Terry and Kim Pegula |
| 31 | Winnipeg Jets | $1.05 | 35% | $9 | True North Sports & Entertainment |
| 32 | Columbus Blue Jackets | $1.0 | 31% | $1 | John McConnell, Nationwide |
