THE NHL’S MOST VALUABLE TEAMS

The National Hockey League is skating faster than ever due to rising profitability and the prospect of more television money. The current U.S. television deal with NBC pays an average of $187 million a season—the network agreed to pay $2 billion over ten years but handed the league $200 million up front—and is likely to increase more than twofold when the current deal expires after the 2020-21 season. True, regular season viewership was down last season, but ratings were up for the more valuable postseason. A number like $400 million a year is quite possible.

NHL AVERAGE OPERATING INCOME

Still not convinced? Look at the recent local cable deals. The Stanley Cup champion Washington Capitals began a new deal with NBC last year for 15 years that is worth twice its previous deal. The annual rights fee to the team doubled to more than $35 million a season, and on top of that, the Capitals have an ownership stake in the regional sports network. Even the lowly Buffalo Sabres kicked in a new 12-year deal with MSG Network last season that doubled its rights fee to an annual average of more than $25 million.

As a result, the value of the average NHL team rose 6% during the past year, to a record $630 million.

The instant success of the Knights has the NHL on the verge of getting $650 million for its next expansion team in Seattle—an unlikely sum had the Knights tripped up.

Potential crack in the ice: a lockout like the one hockey legend Bobby Orr is expecting. And Orr isn’t being overly pessimistic. No U.S. league has had as many work stoppages as the NHL over the past 30 years: the 1992 players strike and three lockouts by the owners (1994-95, 2004-05 and 2012-13). But maybe saner heads will prevail this time?

When looking over our list, keep in mind that revenue and operating income are for the 2017-18 season, include postseason and applicable non-NHL arena revenue, and are net of revenue sharing and arena debt service. All figures are in U.S. dollars based on average exchange rate during the 2017-18 season. Team values are enterprise values (equity plus net debt) of teams based on current arena deal (unless A new arena is pending). Operating income is earnings before interest, taxes, depreciation, and amortization. Debt includes arena when recourse is to team owner.

NHL VALUATIONS 2018 ARE AS FOLLOWS:

31. ARIZONA COYOTES – $290M

The Coyotes lost as much as $50 million last year (our profit figures are before interest, taxes and depreciation). Owner Andrew Barroway is trying to sell minority stakes in the team to investors.

30. FLORIDA PANTHERS – $295M

The Panthers are a train wreck. Last season the team had the biggest operating loss in the NHL and missed the playoffs for the second consecutive season. Fans are fleeing. The Panthers had the fourth-lowest attendance in hockey last year.

29. COLUMBUS BLUE JACKETS – $320M

Despite improvements on the ice (two consecutive seasons of making the playoffs) and among the cheapest tickets in the NHL, the Blue Jackets struggle to fill Nationwide Arena during the regular season.

28. BUFFALO SABRES – $375M

The Sabres have not made the playoffs since 2011 and the frustration of the team’s fans is showing up at the turnstile and with television ratings. The Sabres cannot fill up the KeyBank Center and ratings on the MSG Network fell 26%, the fourth-sharpest drop in the NHL last season.

27. WINNIPEG JETS – $415M

The 2017-18 season was the best for the Jets since the franchise launched as the Atlanta Thrashers in 1999. The team made it to the Western Conference finals where they were ousted in five games by the Golden Knights.

26. CAROLINA HURRICANES – $420M

In March 2018, the NHL approved Tom Dundon’s 61% purchase of the Hurricanes and the operating rights to PNC Arena for an enterprise value of $420 million. The price is 13.5% higher than our valuation of the NHL team in 2017.

25. NASHVILLE PREDATORS – $425M

After years of losing money, the Predators have become a profitable team recently and are an example of how the NHL can succeed outside of its traditional markets. The Predators control Bridgestone Arena, among the busiest arenas in the world, and have sold out every game going back to April 2016.

24. COLORADO AVALANCHE – $430M

The Avalanche made the playoffs last year for the first time since 2014. The team is part of Kroenke Sports & Entertainment, which is owned by billionaire Stan Kroenke, who also owns the Los Angeles Rams of the NFL and the English soccer team Arsenal. KSE also owns and operates the Pepsi Center, Paramount Theatre, Dick’s Sporting Goods Park, the Denver Nuggets (NBA), Colorado Mammoth (NLL) and Colorado Rapids (MLS).

23. OTTAWA SENATORS – $435M

In August, team owner Eugene Melnyk discussed a briefing with Ottawa Mayor Jim Watson, regarding financing and development for the LeBreton Flats development, which will provide a new arena for his hockey team as well as housing and more–all privately financed.

22. NEW YORK ISLANDERS – $440M

The Islanders have had more significant changes than any other NHL team since the completion of the 2017-18 regular season. In May, it was officially announced that Lou Lamoriello, the architect of three Stanley Cups for the Devils, would take over as president of hockey operations.

21. TAMPA BAY LIGHTNING – $445M

The Lightning are the league’s strongest southern franchise. The team finished sixth in the NHL in attendance last season and have been in the top 10 in attendance every season since 2012-13. After not qualifying for the 2016-17 playoffs, the Lightning made it to the Eastern Conference finals last season where they were eliminated in seven games by the Capitals. Since the 2010-11 season, the Lighting have made it to four conference finals and one Stanley Cup final.

20. CALGARY FLAMES – $450M

In March, NHL commissioner Gary Bettman said the Calgary Flames’ financial situation “continues to deteriorate” with the team based at the aging Scotiabank Saddledome, which is the NHL’s oldest building.

19. NEW JERSEY DEVILS – $455M

The Devils increased attendance 4% last season, as the team made the playoffs for the first time in six seasons. The 15,200 fans per game at the Prudential Center still ranked among the bottom five teams for the fourth consecutive year. But the average rating on MSG+ increased 50%, to 0.59.

18. ANAHEIM DUCKS – $460M

A season after reaching the Western Conference finals, the Ducks were swept in the first round of the playoffs in 2017-18 by the Sharks. The team had a mixed season on television. The Ducks had a league-low average local cable rating on Prime Ticket of 0.24, but the rating was 7% higher than the 2016-17 season.

17. ST LOUIS BLUES – $465M

In April 2018, Blues owner Tom Stillman announced a small, but unspecified, share of the team was on the market. The minority interest up for sale is through Sports Capital Holdings, Dave Checketts’ former ownership group, which retained a stake in the team after selling majority control to Stillman in 2012. Stillman and his group will remain in control of the team.

16. MINNESOTA WILD – $490M

The good news for the Wild is the team made the playoffs for the sixth consecutive season in 2017-18 and posted the fourth-highest average cable rating in the league, 3.43. The bad news: it was the third straight season the Wild lost in the first round and ratings of Fox Sports North decreased by 22% versus the 2016-17 season.

15. SAN JOSE SHARKS – $510M

Attendance dipped slightly last season, but a 5% boost for ticket prices pushed gate revenue higher. The Sharks are one of the NHL’s most stable franchises. Doug Wilson has been the general manager since 2003 and Coach Peter DeBoer is in his fourth season with the club—only three NHL coaches have been at the helm longer with their current team.

14. DALLAS STARS – $525M

After missing the playoffs for the second consecutive season, it was all about making sure the team locked up its most talented players and had the right coach. In September, the Stars signed center Tyler Seguin to an eight-year extension with an average annual value of $9.85 million.

13. EDMONTON OILERS – $540M

The Oilers took revenue hit last season because they missed the playoffs one season after hosting six games at Rogers Place. But the team continues to turn a big profit thanks to a fan base that sellouts out Rogers Place nightly at premium prices for a small market.

12. VEGAS GOLDEN KNIGHTS – $575M

The Golden Knights went to the Stanley Cup finals in their inaugural season, where they lost to the Capitals in five games. But the road to the finals was paved with gold. The team ranked among the top third in the NHL in revenue during the 2017-18 season in large part because of $90 million in contractually-obligated sponsorship income and lofty gate receipts.

11. PITTSBURGH PENGUINS – $650M

The Penguins’ two-year run as Stanley Cup champs ended last season when they were defeated in the second round of the playoffs by the Capitals, who went on to win their first Cup. The Penguins did win another title: highest local television ratings.

10. WASHINGTON CAPITALS – $725M

The Capitals won their first Stanley Cup last season, defeating the Golden Knights in the finals in five games. The Cup–most notably the 13 games played at Capital One Arena–delivered a team record $194 million in revenue for the Capitals.

9. VANCOUVER CANUCKS – $725M

Last season, right-wing Brock Boeser became the first Canucks rookie to be named to the All-Star Game in 47 years. The 20-year-old rookie was the youngest Canucks player named to the game since Trevor Linden, who was a couple months younger than Boeser when he played in 1991. There’s been little else to cheer about for Canucks fans.

8. DETROIT RED WINGS – $775M

After 25 straight years in the playoffs, including four Stanley Cup titles, the Red Wings missed the playoffs for the second straight season last year. But the team scored off the ice with the opening of Little Caesars Arena ahead of the 2017-18 season.

7. PHILADELPHIA FLYERS – $800M

Despite making the playoffs last season, the Flyers had a big drop in television viewers. The team’s average rating on NBC Sports Philadelphia fell 25%, to 1.96, the fifth-sharpest decline in the league. The Flyers were eliminated in six games by the Penguins in the first round of the playoffs, making it the third time (2014, 2016) in five years they could not get beyond the first round.

6. LOS ANGELES KINGS – $810M

The Kings were swept in the first round of the Stanley Cup playoffs by the Vegas Golden Knights last season. Since winning their second Stanley Cup in three seasons in 2012-13, the Kings have not made it past the first round.

5. BOSTON BRUINS – $925M

TD Center is a mid-size NHL arena, but the Bruins make a lot of money because they own the building and have sold out every game since December 2009. This enables the team to profit from non-NHL events like concerts.

4. CHICAGO BLACKHAWKS – $1050M

The Blackhawks missed the playoffs for the first time in a decade last season and their average rating on NBC Sports Chicago fell by 29%, to 2.36, the second-biggest decline in the league. The disappointing season also put more pressure on the business side of the franchise as the team’s season-ticket-renewal rate dipped to 85%. The Blackhawks still led the NHL in attendance for the 10th straight year.

3. MONTREAL CANADIENS – $1300M

After the Canadiens’ abysmal 2017-18 season, the Montreal press reported that advertising rates for Canadiens games had plummeted. Ad rates on Quebec’s RDS and TVA Sports channels were based on 200,000 viewers per minute for the 25-54 demo, down from last year’s 295,000 and 275,000 for RDS and TVA Sports, respectively.

2. TORONTO MAPLE LEAFS – $1450M

Maple Leaf Sports & Entertainment (MLSE) owns the Maple Leafs, Toronto Raptors (NBA), Toronto FC (MLS), Toronto Argonauts (CFL), Toronto Marlies (AHL), Raptors 905 (NBA G-league) and Toronto FC II (United Soccer League). MLSE also hosts more than 3.8 million fans each year at its venues.

1. NEW YORK RANGERS – $1550M

MSG CEO James Dolan, whose family controls the voting shares of Madison Square Garden Company, is thinking about splitting MSG into two companies. One company would own the Rangers and Knicks, while the remaining entity would include venues, such as the Garden, a sports bookings unit, a one-third interest in the sports spin-off, about $1 billion in cash and other assets. Meanwhile, the Rangers are rebuilding.

THE HIGHEST PAID NHL PLAYERS ARE,

5. SIDNEY CROSBY, PITTSBURGH PENGUINS

Total Earnings – $13.8 million

Sid The Kid is still the face of the NHL in the 14th season of his illustrious pro career. He turns away most endorsement deals, but still pitches for Adidas, CCM, Tim Hortons and Gatorade. He recorded his 400th goal in February and played in 82 games last season for the first time in his career.

4. ALEXANDER OVECHKIN, WASHINGTON CAPITALS

Total Earnings – $14.5 million

Ovechkin cemented his legacy in June by leading the Washington Capitals to the first Stanley Cup title in franchise history. The Cup win has been good for Ovi’s business, with several endorsement deals expected to be announced in the coming months. His current sponsors are CCM, Nike, Beats, Coca-Cola and Papa John’s. Ovechkin entered a partnership with video game producer War gaming last month, which includes Ovechkin as a playable character on its World of Warships game.

3. CAREY PRICE, MONTREAL CANADIENS

Total Earnings – $15.6 million

Serving as goalie for the Montreal Canadiens is one of the most iconic positions in all of team sports. As a six-time All-Star, Price has been up to the challenge. He has more than a half-dozen sponsors like CCM, Under Armour and Wrangler. The eight-year extension he signed with the Canadiens last summer is worth $84 million.

2. JOHN TAVARES, TORONTO MAPLE LEAFS

Total Earnings – $17.3 million

Tavares’ move to the center of the hockey universe in Toronto this year should open up a myriad of endorsement opportunities, particularly if he can lead the Maple Leafs to playoff success. His current sponsors are CCM, Casper Mattress, Sport Chek and HyperIce, which is a recovery tools for athletes.

1. CONNOR MCDAVID, EDMONTON OILERS

Total Earnings – $19.5 million

McDavid’s growing endorsement portfolio includes Adidas, CIBC, BioSteel, Canadian Tire and Rogers Communications. He was also on the cover of EA Sports NHL 18 and is part of the video game maker’s marketing for this year’s game. McDavid’s deal with equipment supplier CCM ended at the end of last season, but the two-time All-Star continues to use the brand’s sticks, gloves and skates. Negotiations between the two parties are ongoing.