The Big Lead
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The NHL’s business continues to grow a lot. According to Sportico, the average franchise is now worth $2.1 billion, a jump fueled by rising media deals, fan engagement, and new arena investments. Altogether, the league’s 32 clubs are valued at $67.1 billion.
At the top, the Toronto Maple Leafs once again dominate the rankings, while the Columbus Blue Jackets sit at the bottom at $1.3 billion. Here’s a look at the NHL franchises value in 2025, ranked from least to most valuable.
The Penguins drop three spots to 23rd but still record a solid 16% rise in value. The franchise’s strong legacy and ownership stability under Fenway Sports Group continue to support its worth. However, post-Crosby transition questions and fluctuating performance have slowed their momentum.
Seattle slides one place to 22nd despite a healthy 17% jump. As one of the NHL’s newest franchises, the Kraken remain a marketing success story. With growing fan enthusiasm and Climate Pledge Arena’s impact, their long-term value trajectory looks promising.
The Wild fall four spots to 21st, even with steady growth. Minnesota continues to be a strong regional brand with consistent attendance and fan engagement. While their valuation climbs, other franchises’ faster growth pushes them slightly down the rankings.
Colorado slips one position to 20th but posts healthy growth at 15%. The Avalanche remain a strong contender on the ice and in the market, thanks to recent playoff success. Their stability and ownership strength keep them among the NHL’s upper-middle tier.
The Flames drop one place to 19th despite a solid year of growth. The team’s arena plans and loyal Western Canadian fan base continue to sustain long-term value. Calgary’s stable ownership and competitive presence in the market help maintain its high standing.
Vancouver slides five spots to 18th, marking one of the bigger drops among top-20 franchises. The Canucks’ slower value growth compared to rivals affects their ranking, but their fan loyalty and strong market in British Columbia remain key assets.
Florida rockets up nine spots to 17th, one of the league’s biggest risers. A Stanley Cup Final appearance and booming South Florida interest in hockey have dramatically boosted their profile. The Panthers’ 51% growth rate is among the highest in the NHL this year.
Tampa Bay drops five places to 16th. Despite steady success and fan loyalty, their smaller market limits rapid financial growth compared to newer or larger-market clubs. Still, the Lightning remain one of the NHL’s most respected and stable organizations.
Carolina surges ten spots, the biggest climb in the league, fueled by a massive 49% valuation spike. Strong playoff performances, fan resurgence, and arena development plans have all boosted their financial standing. The Hurricanes are fast becoming one of the NHL’s model franchises.
The Islanders rise one place to 14th after opening UBS Arena and seeing steady fan growth. Their improved facilities and strong regional following in Long Island and Brooklyn continue to strengthen the franchise’s long-term outlook.
Dallas climbs three spots to 13th, thanks to consistent success on the ice and a growing fan base in Texas. The Stars’ strong ownership and business operations have translated into impressive value growth over the past year.
Vegas stays at 12th, showing how quickly the NHL’s youngest success story has stabilized among elite franchises. The team’s entertainment-first model and strong local engagement keep its financials robust, even without a major ranking move.
The Devils move up three spots to 11th, continuing their steady financial rise. Young stars and growing fan enthusiasm in the New York metro area have strengthened the franchise’s value. New Jersey’s 21% boost reflects its bright future both on and off the ice.
Detroit keeps its spot in the top 10, holding steady at number ten for another year. The Red Wings’ value continues to climb thanks to a loyal fan base and strong local market. Their rebuild phase has helped renew excitement, and with “Hockeytown” pride still thriving, the franchise’s future looks solid.
The Capitals hold on to ninth place but post one of the biggest value jumps in the league, a massive 24% increase. The team remains a major draw in the D.C. area, and consistent playoff appearances in recent years have strengthened their position as one of the NHL’s more stable and profitable clubs.
Philadelphia stays eighth, boosted by a strong regional fan base and ownership investment. The Flyers’ rich history and solid merchandising power continue to drive value, even as the team works to return to playoff form. Their consistent market appeal keeps them among the league’s top ones.
Chicago slips one spot from sixth to seventh despite a healthy rise in valuation. The team remains a cornerstone NHL brand, thanks to its legacy, downtown presence, and loyal fan following. However, the Oilers’ surge edged them down one place in this year’s rankings.
The Oilers climb one place to sixth, powered by their recent playoff runs and the global stardom of Connor McDavid. Edmonton’s strong ticket sales and passionate fan base continue to drive growth. The team’s momentum both on and off the ice has translated directly into a higher franchise valuation.
The Kings hold firm at fifth place, posting a strong 18% boost in value. Their location in one of the largest U.S. media markets and continued brand visibility help them stay among the NHL’s top teams financially. Investments in entertainment partnerships and arena upgrades further strengthen their position.
The Bruins remain steady at fourth, fueled by one of the most loyal fan bases in the league. The team’s consistent on-ice success, deep playoff runs, and strong local support have kept Boston among hockey’s financial giants. Their classic brand and solid management make them a long-term powerhouse.
Montreal stays third, maintaining its title as the NHL’s most iconic franchise. The Canadiens continue to draw immense fan passion in Quebec and abroad. Even with rebuilding years, the team’s brand power and heritage keep them firmly in the top three, where they’ve sat for years.
The Rangers stay second, backed by the unmatched business strength of Madison Square Garden. The New York market continues to be the NHL’s financial backbone, and the Rangers’ commercial reach and sponsorship deals remain among the most lucrative in the league.
The Maple Leafs hold on to the top spot as the NHL’s most valuable team, again. Toronto’s global reach, massive fan base, and strong corporate support make it the league’s financial benchmark. With a valuation of $4.25 billion, the Leafs remain well ahead of every other franchise in hockey.
The 2025 NHL franchise values show a league in strong shape, with every team gaining value and the average rising 14% from last year. The Maple Leafs, Rangers, and Canadiens remain far ahead, while smaller-market teams like Columbus and Winnipeg continue to trail. The debut of the Utah Mammoth shows the league’s expansion strength, and steady growth across most clubs signals lasting financial momentum. Overall, the NHL enters 2025 healthier and more valuable than ever, though the gap between its biggest and smallest markets continues to grow.
The Big Lead
Sports news, media coverage, daily roundup and opinions from around U.S. sports.
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