Forbes Reveals The Most Valued Franchises - and The Worst

14 of the NHL's 32 franchises have been valued at $1 billion or higher, with three more teams only $10-$40 million away from reaching that.

"Our valuations are enterprise values (equity plus net debt) and include the economics of each team's current arena deal but not the value of the real estate itself."

"Revenue and operating income are adjusted for revenue sharing and net of arena revenue that goes towards arena debt service, but exclude the $350 million split by 31 teams (the expansion Seattle Kraken were excluded) from the league's sale of its remaining 10% stake in BamTech to Walt Disney in 2021."

The New York Rangers are in the first spot on Forbes' list for the eighth consecutive year. They are sitting at $2.2 billion USD, and up 10% from last year. The Toronto Maple Leafs are at the second place spot at $2 billion USD, an increase of 11% from 2021. As for the top-three is the Montreal Canadiens who are valued at $1.85 billion USD, and up 16% from 2021.

Below are the top-ten, as well as the bottom-five teams on Forbes' list:

Top-ten valued franchises
1. New York Rangers - $2.2 billion USD (10% increase)
2. Toronto Maple Leafs - $2 billion USD (11% increase)
3. Montreal Canadiens - $1.85 billion USD (16% increase)
4. Chicago Blackhawks - $1.5 billion USD (7% increase)
5. Boston Bruins - $1.4 billion USD (8% increase)
6. Los Angeles Kings - $1.3 billion USD (27% increase)
7. Edmonton Oilers - $1.275 billion USD (16% increase)
8. Philadelphia Flyers - $1.25 billion USD (4% increase)
9. Washington Capitals - $1.2 billion USD (29% increase)
10. Seattle Kraken - $1.05 billion USD (20% increase)

Bottom-five valued franchises
28. Carolina Hurricanes - $640 million (16% increase)
29. Columbus Blue Jackets - $620 million (31% increase)
30. Buffalo Sabres - $610 million (22% increase)
31. Florida Panthers - $550 million (22% increase)
32. Arizona Coyotes - $450 million (12% increase)

Which one is the biggest surprise?