How Are NHL Team Valuations Reaching $2.2B in 2025

TL;DR

The average NHL team is worth about $2.2 billion, rising 15 percent from last year due to bigger TV deals and higher gate receipts. The Toronto Maple Leafs lead at roughly $4.3 billion, with Canadian teams gaining more from local rights than U.S. teams, shaping the league’s valuation landscape.

Transcript

AND RESTRICTIONS APPLY. >> WELCOME BACK TO SQUAWK BOX. CNBC IS OUT THIS MORNING WITH ITS ANNUAL LIST OF NHL VALUATIONS. THE AVERAGE NHL TEAM NOW WORTH $2.2 BILLION. THAT'S A 15% JUMP FROM LAST YEAR. NOW TAKING THE TOP SPOT ON THIS YEAR'S LIST, THE TORONTO MAPLE LEAFS VALUED AT $4.3 BILLION. THAT'S FOLLOWED BY THE NEW YORK RANGERS, MONTREAL CANADIEN... Read More

Key Insights

• NHL average valuation is $2.2B, up 15 percent year over year.
• The Toronto Maple Leafs top the list at approximately $4.3B.
• Canadian teams are seeing stronger local TV rights increases than U.S. teams.
• U.S. local TV rights are facing headwinds, creating divergence in valuations.
• New and renewed media rights in Canada contribute to higher team values.
• Gate revenue has risen about 20 percent in two years across the NHL.
• Valuations are discussed in the context of revenue multiples around the league.
• Cost certainty from the CBA, with labor costs around 50 percent of hockey-related revenue, supports investor confidence.
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Questions & Answers

Q: What is the current average value of an NHL team and how has it changed recently?

The current average value of an NHL team is about $2.2 billion, and this represents a 15 percent increase from the prior year. The rise is attributed to higher national TV deals and stronger gate revenue, which together boost the league’s overall profitability and market value for teams.

Q: Who holds the top spot in NHL valuations and what is their approximate value?

The Toronto Maple Leafs hold the top spot in the NHL valuations list, with an approximate value around $4.3 billion. This leadership reflects the premium market and the team’s brand strength, as well as favorable Canadian media rights dynamics that enhance the club’s financial standing.

Q: How do Canadian teams compare with U.S. teams in terms of local TV rights and valuations?

Canadian teams are experiencing increases in local TV rights, with higher deals lifting valuations, while U.S. teams face stagnant or declining local TV rights. This disparity helps explain why some Canadian franchises rise faster in value and why U.S. teams may lag despite strong national deals.

Q: What impact do media rights have on NHL team valuations according to the experts?

Media rights impact NHL valuations by increasing the revenue base that underpins team value. The new Canadian deal is set to be more than twice the current one, and the U.S. deal is expected to double as well, providing a strong tailwind for valuations across the league.

Q: How does gate revenue influence the valuation of NHL teams?

Gate revenue influences valuations significantly by elevating the core ticket money. It has risen about 20 percent in the past two years, signaling strong fan engagement and contributing to higher enterprise values for NHL teams as attendance and live event revenue grow.

Q: What is the typical enterprise value to revenue multiple for NHL teams and how does it compare to baseball?

NHL teams typically trade at about nine times revenue in enterprise value to revenue, which is higher than baseball recently trading around five to six times revenue. This reflects stronger growth prospects and more stable cost structures in hockey versus baseball.

Q: What role does cost certainty from the collective bargaining agreement play in valuations?

Cost certainty from the CBA, especially the 50 percent cap on hockey related revenue for player costs, provides stability that is attractive to investors. This certainty reduces financial risk, supports consistent margins, and contributes to higher confidence in future valuations and investment in NHL teams.

Q: What future investment trends could occur in NHL teams according to the discussion?

Industry observers expect more stakes in NHL teams from private equity and investor groups as cost certainty and streaming growth continue to support valuations. Although NFL investment has been prominent, the NHL is likely to attract new LP stakes thanks to predictable costs and strong media rights potential.

Summary & Key Takeaways

• The CNBC list shows the league average at $2.2 billion and a 15 percent year over year increase, underscoring strong growth driven by media rights and attendance. The Maple Leafs top the valuations at about $4.3 billion, highlighting the premium of the Canadian market. Local TV rights dynamics differ between Canadian and U.S. teams, influencing future valuations.

• Canadian teams are benefiting from larger increases in local TV rights, while many U.S. teams face stagnant or shrinking deals, creating divergent valuation trajectories across the league. The NHLs cost structure with a 50 percent revenue share and fixed arena costs provides some stability for investors.

• Overall, the valuations reflect not just current TV deals but also expected future media rights, with the league projecting continued growth as deals renew and attendance remains strong, supporting higher enterprise value multiples relative to revenue.