National Hockey League enterprise values have reached a combined total of $78 billion, driven by a 16% average franchise valuation increase over a single year and a 160% surge across five seasons, according to financial data reported by Sportico.
Sportico Valuations Place Total League Worth at 78 Billion Dollars
The financial assessment covers all 32 clubs, factoring in real estate holdings, American Hockey League farm teams, and unattached ice rinks to calculate enterprise values based on hypothetical changes in control. Toronto Maple Leafs leads the valuation rankings for the sixth year at $4.8 billion, marking a 13% increase from the previous cycle. New York Rangers follows at $4.15 billion, with Montreal Canadiens sitting at $3.8 billion.
Five of the top six positions belong to Original Six organizations, with Los Angeles Kings representing the sole non-Original Six club in the upper tier due to revenue streams generated by the ownership of Crypto.com Arena. The Kings are valued at $3.33 billion. Boston Bruins ($3.31 billion), Chicago Blackhawks ($3.24 billion), Philadelphia Flyers ($3.15 billion), and Edmonton Oilers ($3.11 billion) round out the upper half of the league’s financial standings. New Jersey Devils and New York Islanders experienced significant year-over-year gains, climbing by 32% and 40% respectively, while Columbus Blue Jackets anchor the bottom of the rankings at $1.5 billion.
New Canadian Broadcasting Agreement Boosts Revenue Projections
During the 2025–26 season, the 32 franchises generated roughly $8.3 billion in revenue, averaging $259 million per club and marking a 4.4% increase over the prior term. This figure includes non-hockey operations such as concert events hosted within team-controlled arenas. Financial models anticipate an 8% to 9% revenue jump for the 2026–27 campaign, bolstered by the launch of a new Canadian broadcasting agreement.
Rogers Communications secured a 12-year extension valued at 11 billion Canadian dollars—approximately $7.8 billion USD—more than doubling the value of the previous 5.2 billion contract. Meanwhile, the league’s seven-year United States media pact generates nearly $4.5 billion and expires following the 2027–28 season, with clubs anticipating a doubling of that figure upon renewal. The average revenue multiple across the league climbed to 9.4 times, up from 8.4 previously and 5.3 in 2022, placing the NHL ahead of Major League Soccer at 9.2 and Major League Baseball at 7.2, though trailing the National Basketball Association at 13.5 and the National Football League at 12.7.
Friedkin Group Investment Targets Texas Expansion
The league initiated a six-month evaluation period to assess placing a franchise in Texas, specifically examining Houston and Austin. The Friedkin Group, led by Dan Friedkin, has engaged with the organization to explore funding a $3.5 billion project for a potential new club. Expansion discussions follow previous multi-million-dollar entry fees paid by recent additions, such as the $500 million committed by Bill Foley for Las Vegas in 2016 and the $650 million paid by David Bonderman for the Seattle Kraken two years later.
Unidentified sources familiar with the discussions indicate that expansion entry fees have risen to at least $2.3 billion, separate from an estimated $1 billion required for arena construction. Alongside the Texas markets, Atlanta has emerged as a primary candidate for a potential 34th franchise, reviving professional hockey interest in the region following the departure of the former Thrashers.
Comparative Market Standings Across Major North American Sports Leagues
The financial growth of hockey places its baseline entry cost slightly above Major League Baseball, where the valuation of the Miami Marlins stands at $1.45 billion. While elite baseball franchises exceed $6.5 billion—led by the New York Yankees at $9.4 billion and the Los Angeles Dodgers at $9.05 billion—the broader economic distribution shows strong parity in the mid-tier. Major League Baseball features 19 clubs valued at $2 billion or higher, compared to 20 franchises in the NHL that meet or exceed that threshold.
Over the five-year evaluation window ending with the latest data release, the National Football League grew by 166%, closely matching the 160% appreciation seen in professional hockey. The National Basketball Association registered a 122% increase over the same timeframe, while Major League Baseball expanded at a 44% rate.
