Lawmakers from Ottawa went on the market a year ago. The listing may have contained euphemisms like “needs Spectroscopy,”” comfy,” or “lots of possibilities” if it had been a realtor selling their home. Only the Arizona Coyotes, who play in a school area, posted lower income last year, and the team was —and still is—in desperate need of relocating. Ottawa was scheduled for its fifth straight season with no losses and no playoffs, with attendance ranking in the bottom quartile.
However, this fixer-upper sparked a violent selling approach that attracted well-known figures like Ryan Reynolds, Snoop Dogg, and The Weeknd. Nine of the more than a few investor groups who kicked the team’s tires submitted proposals. In the end, a group headed by Michael Andlauer purchased it for$ 950 million.

Although the NHL lacks the NBA’s excitement and blockbuster media deals, its franchise values are rising just as quickly, and the biggest profits are coming from the bottom of the economic table.
Over the past four weeks, Sportico spoke with more than 30 individuals in and around the NHL, including eight bankers and attorneys involved in group transactions, to assess the state of the sport. The average team’s estimated net worth is$ 1.31 billion, an increase of 29 % from last year. The NHL’s 32 clubs collectively have a value of$ 41.9 billion, including ownership stakes in real estate, venues, TV networks, and team-related holdings. Click to view a list of all 32 clubs or to compare the clubs using data.
The Toronto Maple Leafs are first at$ 2.65 billion, followed by the New York Rangers ($ 2.45 billion ) and the Montreal Canadiens ($ 2.27 ). Instead of limited partner investments, our estimates are power sales valuations, with revenue multiples serving as the basis for the calculations. You can find a breakdown of the 32 NHL groups and information on the procedure around.
At Sportico’s Participate in Sports meeting last month, Ted Leonsis, the majority owner of Monumental Sports &amp, stated that” Sports teams, if done right, are like the best SAS business types.” ” SAS companies are so important because they have enduring, recurrent, repetitive relationships over time.”
Eugene Melnyk purchased the Senators from debt two decades ago for$ 92 million, and his heirs recently sold the group for ten times that amount. The cost was almost seven times as much as Ottawa’s$ 139 million in 2022–2023 profits. With the exception of the Maple Leafs ( 2012 ) and New York Islanders ( 2014 ) transactions, the 10 NHL teams sold between 2011 and 2020 were worth between two and four times their respective revenues. With the two team sales before Ottawa—Pittsburgh Penguins ( 2021 ) and Nashville Predators ( 2023 ), which traded at an average of 4.5 times revenue—the revenue multiple increased.
The Leafs were the last NHL franchise to be sold, and the only one worth more than the Senators at roughly$ 1 billion when Rogers Communications and BCE purchased Maple Leaf Sports &amp, Entertainment. Ottawa was sold for a premium price, in part because it was possible to secure an NHL industry and had the rare opportunity to purchase an NBA franchise in Canada.
The Ottawa package is in line with a pattern seen in the MLS, NBA, and NFL. A growing split in the value of sporting teams occurred over the course of the last ten years as clubs in more desirable areas received larger and larger premiums than those in less desirable ones. However, more recently, the entrance price, or” keep price,” of a staff in these leagues has skyrocketed, causing teams at the bottom of the financial tables to occasionally business at higher multiples of income than those in better markets.
The fact that many of these leagues now have better profit margins—even Ottawa had positive cash flow last year —helps. Low-revenue NHL teams made nearly$ 300 million last season under the NHL’s plan, and the annual subsidies should reach$ 400 million within the next couple of seasons. Credit more owner-friendly collective bargaining agreements, as well as revenue sharing in the NBA and NHL. Any seat at the table is a useful resource, whether in New York or Ottawa, thanks to the greater appreciation of the rarity of these resources.
According to Sportico’s calculations, more than 60 % of NHL teams are worth between$ 880 million and$ 1.25 billion. Most Tournament values fall somewhere between the bottom MLS groups and the bottom of MLB’s economic table because the NBA and NFL are in different universes.
Over the past six months, at least four different NHL teams have sold minority stakes totaling 5 %, which sheds light on the various organizations examining the game. Depending on the situation, these Record transactions may take place at either a premium or discount to the power sale.
Later in 2021, the NHL granted private equity investors approval, and this summers, Arctos Sports Partners sold its second Tampa Bay Lightning purchase. The double dip pushed Arctos past the 20 % cover a company is unique of an individual group, necessitating an extra exemption from the group business. The deal was valued at$ 1.4 billion, but the PE firm most likely obtained an LP discount of at least 20 % over that estimate. Through their particular holding businesses, Harris Blitzer Sports &amp, Entertainment, and Fenway Sports Group, Arctos has also made investments in the Minnesota Wild, the New Jersey Devils, as well as the Pittsburgh Penguins.
The Qatar Investment Authority ( QIA ), Qatar’s sovereign wealth fund, bought a roughly 5 % stake in Monumental Sports in June for$ 4.05 billion, which also includes the NBA, NBA Capitals, and WNBA Mystics. It was the first time a sovereign wealth fund had funded an NHL group. These transactions are limited to 20 % from a single account and 30 % from multiple money, just like Pa opportunities. They may be unrepresented passive stakes on the board of directors of a team.
Despite the Maple Leafs ‘ 56-season Stanley Cup drought, the team has topped Sportico’s valuations for the fourth consecutive year, and experts almost unanimously agree that it is the most significant hockey team in the world. It is the only sport franchise in the biggest metropolis in hockey-crazed Canada, where there are 53 % more people living there than in Montreal. The Leafs have the highest sponsorship and advertising revenue in the NHL, including their$ 30 million market naming right agreement with Scotiabank. Additionally, MLSE is the owner of the facility, which ranked No. According to Billboard, there were 11 venues in the world last year that brought in$ 79 billion in concert ticket sales from 67 performances.
When Larry Tanenbaum agreed to sell a 20 % stake in his family holding company, Kilmer Sports, which owns his 25 % share in MLSE, the value of the Leafs and the league was on display this summer. Kilmer Sports was invested in by OMERS, a pension plan for 500, 000 Ontario municipal employees, in an intricate transaction that could net MLSE as much as$ 8 billion if certain criteria are met. Toronto Birds, Toronto FC, CFL Argonauts, and their particular locations are also included in MLSE.
When the Molson family purchased the Canadiens for$ 575 million in 2009, Andlauer was forced to sell his 10 % stake in the team as a result of the Ottawa sale. With a$ 2.5 billion valuation on the LP deal this fall, the home used its right of first refusal.
NHL teams no longer hold any marketplace control stakes as a result of the Ottawa sale.
Although expansion past 32 teams is not immediately anticipated, a$ 2 billion potential fee—more than three times the$ 650 million the Seattle Kraken paid when it joined the NHL to begin the 2021–22 season—is already being discussed in league circles.
After the Board of Governors conferences in October, NHL director Gary Bettman said to the press,” We’re simply getting expressions of curiosity, and I take discussions all the time on a variety of content.” ” We speak to anyone who wants to talk to us.”
NHL teams made an estimated$ 6.8 billion in revenue between 2022 and 23, including non-hoc contests held by clubs that own or run their facilities. Compared to the previous year, which was still affected by COVID-19, it was an increase of 11 %, especially in French settlements with capacity limitations for the start of the season.
People owed$ 1.5 billion in “debt” to make up for profit deficits brought on by COVID-19, so the NHL’s salary cap has hardly changed in the last four decades. The NHL CBA mandates that owners and players split hockey-related income equally, and the cover is set by category revenue. Although revenue has grown faster than expected and the debt was almost completely paid off by the end of the 2022–2023 season, rumors circulated that the cap may not resume normal increases until 2026. Next year, the cover is expected to increase by 5 %.
Both at the group and team levels, the NHL has a tough cover. You do n’t have the same problems as in the NBA, where the Warriors and Clippers are both responsible for a combined luxury tax bill of about$ 300 million in addition to their high payrolls. Teams were making an average of$ 20 million in cash flow after player costs before the NHL cap was implemented for the 2005–06 season, but before other expenses, the average is now over$ 100 million.
The introduction of hat endorsements in 2020 and jersey edges two years later have both increased league revenue. Anyone familiar with the forecasts reported that last year, the NHL introduced its brand-new digitally enhanced dasherboards, and income topped$ 50 million, exceeding the league’s initial Year 3 projections. The music and event industry, which hit record figures in several cities as fans embraced live events, contributed to another revenue boost last season.
In some ways, the debt of Diamond Sports Group may have a smaller effect because NHL teams are less dependent on local media income than the typical NBA or MLB group. In Canada and some U.S. markets, like Minnesota and Boston, sports continues to be a must-watch option; last year, the Bruins ‘ ratings outperformed those of the Celtics and Red Sox. However, sports receives many lower ratings in some markets, which could result in rights fee reductions or RSN broadcasts being completely eliminated.
At 70 % of total revenue, fields continue to be the main drivers of team ‘ economics, and teams are investing to raise that percentage. Four new pregame basement apartments were constructed in the market by the Los Angeles Kings, who also own Crypto.com Arena through AEG. The area is also house to the Clipper and Lakers. All but one of the suites that opened this season were quickly purchased under long-term contracts for$ 5 million annually. The numerous music and upscale activities, such as the Grammy Awards and the 2028 Summer Olympics, will be available to hotel holders.
The Wells Fargo Center’s$ 400 million construction, which included three enormous new LED digital board, new cafes and dining options, and technology improvements to boost income, is almost complete for the Philadelphia Flyers.
The NHL teams ‘ reliance on industry income emphasizes how crucial winning is. Starting in the 1994–95 season, the Devils won three Stanley Cups and made a third Cup final. However, in 2018—their tenth most current season before last year, when they nearly doubled their win total and advanced to the second round of the playoffs—they suffered just one first-round playoff loss.
As the team ranked second in new full time tickets sold behind the Connor Bedard-fueled run in Chicago, Sellouts increased from four to 21 last year and will best 30 this yr. The Devils will probably have to halt season ticket sales for the first time in franchise history. 20 loge boxes and 10 roof tables were added by the team as fresh, high-end items, which sold out right away. The Prudential Center is run by the Devils, who even profit from a flurry of events and musical revenue that places them among the world’s top ten venues. The Devils are worth$ 1.17 billion, an increase of 41 %.
The league’s earnings growth outside of North America is also still in its early stages. In a phone interview, Ahron Cohen, an Inner Circle Sports businessman and former CEO of Arizona Coyotes, stated that he believes the NHL has major international upside potential. They have historically concentrated on nations with a history of hockey affinities in Europe, but they have n’t really taken advantage of China, India, Mexico, or other significant European markets like Germany, France, and the UK.
Through 32 Equity and NBA Equity, the NBA and NFL have formally established their league-level purchase programs. Although the NHL lacks an official investment vehicle, it has nonetheless amassed a collection of ownership positions in businesses like DraftKing, Fanatics, Sportradar, and tech startups. When the e-commerce platform was valued at around$ 3.5 billion in 2015, the group made its initial investment in Fanatics. It has taken part in subsequent funding rounds, and at the end of 2022, Michael Rubin’s company was valued at$ 31 billion. When the NHL sold its 10 % stake in Disney Streaming Services, the former BAMTech, to Walt Disney in 2021, it made$ 350 million. Of those total capital positions, each NHL staff owns 1/12 of them.
NHL owners can use their clubs as a tentpole to enter related business ventures, just like with NBA and NFL teams, but at an average team valuation of one-third ( NBA ) or-one-fourth ( NFL ) as much as other leagues. They also own Policy groups, which generate income and may be helpful to have in the same business as travel for players who move up and down between the teams. Rinks are expensive in most metro areas, so the Vegas Golden Knights, San Jose Sharks and Washington Capitals have all acquired them.
One of the most violent sports empire builders is Leonsis. MSE re-branded NBC Sports Washington under the Monumental banner after purchasing the 67 % of the company last year that it did not already own. He has big ambitions and has n’t been afraid to express his interest in an MLB team in the prestigious Washington, D.C., market. Our objective is to create the most prestigious activities and entertainment business in the world, Leonsis stated. And to do it in Greater Washington, one of the world’s top 10 prolonged places.