Report: Three Canadian teams among NHL’s top five most valuable

The Edmonton Oilers‘ back-to-back runs to the Stanley Cup Final have had a positive effect on their overall valuation, according to a new report.

According to figures published by CNBC on Tuesday, the Oilers are now valued at $3.1 billion, an increase of 17 per cent from 2024.

That increase has vaulted the Oilers into the top five among all NHL franchises, moving them ahead of the Boston Bruins ($3.05 billion).

The top four teams remain unchanged, with the Toronto Maple Leafs leading the way at $4.3 billion. Rogers Communications, which owns Sportsnet, became the majority owner of Maple Leafs Sports and Entertainment earlier this year.

The New York Rangers are second on CNBC’s rankings with a valuation of $3.8 billion, followed by the Montreal Canadiens ($3.4 billion) and Los Angeles Kings ($3.15 billion).

Speaking on CNBC after the report was published, NHL commissioner Gary Bettman cautioned that the numbers are “undervalued” and “as much art as it is science.”

But Bettman added that “the trending is very positive.”

Bettman went on to say that NHL teams have more cost certainty than teams in other sports because the hard salary-cap system helps teams have more predictable payrolls and stay in the playoff hunt for more of the season. Entering play Wednesday, 11 teams not in a playoff spot were within four points of the final wild-card position in their conference.

“What you see on the ice, the competitive balance, the entertainment value, is extraordinary, and that’s because we have a system that enables all of our teams to compete,” Bettman said.

The CNBC panel also pressed Bettman on expansion. While the commissioner wouldn’t tip his hand to any markets the league might consider expanding to, he said that any expansion fee for a new club would be no less than $2 billion.

CNBC’s complete rankings of NHL teams by value:

1. Toronto Maple Leafs, $4.3 billion
2. New York Rangers, $3.8 billion
3. Montreal Canadiens, $3.4 billion
4. Los Angeles Kings $3.15 billion
5. Edmonton Oilers $3.1 billion
6. Boston Bruins, $3.05 billion
7. Chicago Blackhawks, $2.75 billion
8. Philadelphia Flyers, $2.6 billion
9. Washington Capitals, $2.5 billion
10. Detroit Red Wings, $2.47 billion
11. New Jersey Devils, $2.45 billion
12. Vancouver Canucks, $2.2 billion
13. Vegas Golden Knights, $2.1 billion
14. Dallas Stars, $2.05 billion
15. Carolina Hurricanes, $2 billion
16. Tampa Bay Lightning, $1.95 billion
17. Calgary Flames, $1.93 billion
18. Minnesota Wild, $1.9 billion
19. Colorado Avalanche, $1.85 billion
20. New York Islanders, $1.82 billion
21. Seattle Kraken, $1.77 billion
22. Pittsburgh Penguins, $1.76 billion
23. Florida Panthers, $1.75 billion
24. Nashville Predators, $1.65 billion
25. St. Louis Blues, $1.62 billion
26. Anaheim Ducks, $1.61 billion
27. Utah Mammoth, $1.6 billion
28. San Jose Sharks, $1.55 billion
29. Winnipeg Jets, $1.46 billion
30. Ottawa Senators, $1.44 billion
31. Buffalo Sabres, $1.42 billion
32. Columbus Blue Jackets, $1.4 billion