Although the NHL may not have the financial clout of leagues like the NFL, NBA, or even MLB, its growth trajectory is remarkable. The popularity of hockey is on the rise, leading to significant increases in franchise values. According to Forbes’ estimates for 2024, the average NHL team’s valuation shot up by 44% this year, reaching $ 1.9 billion—this growth far exceeds the increases in football (11%), basketball (15%), and baseball (4%). Over the past five years, NHL franchise values have surged by an impressive 187%, outpacing even the growth seen in global soccer.
A prime example of this value surge is the Utah Hockey Club. Previously known as the Arizona Coyotes and playing in a 5,000-seat college arena, the franchise saw a remarkable 140% increase in value from 500millionin2023to 1.2 billion in 2024. This exceptional growth highlights the overall positive trend within the league. However, it’s important to note that the NHL’s most valuable team, the Toronto Maple Leafs, valued at $ 3.8 billion, still lags behind all 32 NFL teams, 18 NBA franchises, and four MLB clubs.
Nonetheless, the league’s widespread growth isn’t just due to a few high-profile cases or low initial valuations. For example, Major League Soccer (MLS) has an average team valuation of $ 658 million, but its growth this year was a mere 14% compared to the NHL’s strong gains. So, what is fueling hockey’s financial rise?
Rising Revenues Across the League
A key factor behind the NHL’s success is its improving revenue profile. Last season, average team revenues increased by 12%, rising to 225millionfromthepreviousyear′s 201 million. Operating income also saw a 5% boost, reaching $ 53 million. Remarkably, every team made a profit, with the Arizona Coyotes being the sole exception; their planned relocation to Utah is anticipated to significantly enhance their fortunes.
Attendance numbers were impressive, with a record 22.9 million fans attending games last season. Ticket sales generated 1.8billion,a6 1.2 billion. Additionally, local sponsorship and advertising income increased by 19%, surpassing $ 900 million. Across the league, the NHL has expanded its roster of sponsors to a record 74 brands.
Advertising Innovations
The introduction of digitally enhanced dashboards (DEDs) in the 2022-23 season has emerged as a significant revenue generator. This technology enables broadcasters to replace static rink-side advertisements with dynamic virtual ads tailored to specific audiences. Brands can sponsor specific moments in a game, such as faceoffs or overtime. For instance, Norwegian Cruise Line, the NHL’s first cruise partner, sponsors the first goal of the game during ESPN and TNT broadcasts.
Joseph De Sousa, the NHL’s Chief Financial Officer, noted that “When you combine national and team levels, digital dashboards are projected to generate around $ 200 million this year.” This represents a new revenue stream for the league and adds to its growth momentum.
Market Dynamics and Franchise Valuations
While revenue growth has been notable, the rising valuations of NHL franchises are more closely tied to revenue multiples. Recent franchise sales have reset the market. For example, the Tampa Bay Lightning were sold for 1.8billioninOctoberatamultipleof8.2timesrevenue,whiletheUtahHockeyClub′sdealwasvaluedat9.8timesrevenue,at 1.2 billion. In comparison, the Ottawa Senators were sold for 950million(7.4xrevenue)in2023,andthePittsburghPenguinsfor 875 million (4.7x revenue) in 2021. According to Forbes’ latest list, the average multiple for the NHL’s most valuable teams sits at 8.5, with the Toronto Maple Leafs leading at 12.3. For the first time, all 32 NHL teams are valued at over $ 1 billion.
Challenges and Changes in Local Media Rights
Despite the positive outlook, the NHL faces challenges, particularly concerning local media rights. The bankruptcy of Diamond Sports Group, a major regional sports network, has resulted in renegotiated contracts at lower fees for some teams. Others, like the Anaheim Ducks, Dallas Stars, and Utah Hockey Club, are shifting to direct-to-consumer streaming or free over-the-air broadcasts. This transition indicates a changing landscape for media revenue, which may affect some teams’ financial situations.
However, local media now accounts for a diminishing share of the NHL’s overall revenue. Total hockey-related revenue is expected to reach $ 6.6 billion this season, supported by other positive developments. For instance, the NHL’s upcoming Canadian broadcasting deal, starting in 2026, is anticipated to at least double, and possibly triple, the current rights fee. U.S. television rights are also expected to hit the market in 2028, presenting another significant opportunity for growth.
Strategic Marketing and International Expansion
The NHL has significantly enhanced its marketing strategies, placing a strong emphasis on player-driven campaigns. Initiatives such as the Amazon Prime Video docuseries “Faceoff,” which is expected to have a second season, aim to showcase players’ personalities and attract new fans. The league is also revitalizing international competition, replacing its All-Star Game in February with the 4 Nations Face-Off, marking a return to global tournaments in anticipation of the 2026 Olympics and the 2028 World Cup. Stephen McArdle, the NHL’s Chief Operating Officer, mentioned, “We know our fans want it, our broadcast partners are very interested, and, most importantly, our players really want it.”
The NHL’s Most Valuable Teams 2024
The following table summarizes the NHL’s most valuable teams for 2024, indicating their estimated value, annual changes, 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 |
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