The NHL's "most valuable team, the Toronto Maple Leafs, is now worth $521 million and generated $81.8 million in operating income last season," according to Mike Ozanian as part of FORBES' annual hockey valuations. The Rangers, who are "enjoying the benefits of playing in a refurbished Madison Square Garden, earned $41.4 million last year and are the NHL’s second-most valuable team, worth $507 million." The Canadiens, "placing third with a $445 million valuation, earned $47.7 million." The top three teams "posted an aggregate operating profit greater than the rest of the league combined." The average NHL team "is now worth $240 million, 5% more than last year due to a 5% increase in revenue during the 2010-11 season, to an average of $103 million per team." In addition, the average NHL team "is worth 47% more than it was before the lockout that cancelled the 2004-05 season." But margins are "getting squeezed," and during the '10-11 season, the NHL "posted operating income of $126 million, 21% lower than the previous year." The main reason was "player costs increased 11%, to $59 million." Last season, 18 of the league’s 30 teams "lost money even before they had to pay bank loans or write down assets, compared with 16 the prior year." Below is Forbes' complete list of NHL valuations (FORBES.com, 11/30).
| TEAM | CURRENT VALUE | 1-YR
% +/- | DEBT/
VALUE | REVENUE | OPERATING INCOME |
| Maple Leafs | $521M | 3% | 25% | $193M | $81.8M |
| Rangers | $507M | 10% | 0% | $169M | $41.4M |
| Canadiens | $445M | 9% | 65% | $165M | $47.7M |
| Red Wings | $336M | 7% | 0% | $127M | $16.3M |
| Bruins | $325M | 8% | 35% | $125M | $2.7M |
| Blackhawks | $306M | 2% | 0% | $118M | $8.7M |
| Canucks | $300M | 15% | 37% | $146M | $23.5M |
| Flyers | $290M | -4% | 22% | $111M | $3.2M |
| Penguins | $264M | 12% | 38% | $110M | $-0.2M |
| Kings | $232M | 8% | 66% | $101M | $-2M |
| Stars | $230M | 1% | 126% | $90M | $-1.1M |
| Capitals | $225M | 14% | 58% | $94M | $-7.5M |
| Flames | $220M | 7% | 15% | $105M | $1.1M |
| Wild | $213M | 5% | 53% | $97M | $-5.9M |
| Oilers | $212M | 16% | 47% | $96M | $17.3M |
| Sharks | $211M | 9% | 21% | $96M | $-7.8M |
| Senators | $201M | 3% | 65% | $100M | $2.8M |
| Avalanche | $198M | 0% | 12% | $83M | $6.1M |
| Ducks | $184M | -2% | 35% | $84M | $-8.4M |
| Devils | $181M | -17% | 144% | $100M | $-6.1M |
| Lightning | $174M | 20% | 26% | $87M | $-8.5M |
| Sabres | $173M | 2% | 46% | $87M | $-5.6M |
| Hurricanes | $169M | 4% | 77% | $81M | $-4.4M |
| Jets | $164M | 21% | 61% | $71M | $-5.2M |
| Predators | $163M | 10% | 52% | $82M | $-7.5M |
| Blues | $157M | -5% | 81% | $78M | $-2.7M |
| Blue Jackets | $152M | -1% | 66% | $80M | $-13.7M |
| Islanders | $149M | -1% | 67% | $63M | $-8.1M |
| Coyotes | $134M | 0% | 26% | $70M | $-24.4M |
THE JET SET: In Winnipeg, Geoff Kirbyson noted Forbes values the Jets at $164M, a "21 per cent jump from a year ago when the team was still the Atlanta Thrashers." No NHL team "has seen its value increase faster in the last 12 months than the Jets." Ozanian said, "Winnipeg is a much more viable hockey market than Atlanta. They sold out their season tickets very quickly. (Winnipeg) isn't a big market flush with big corporations but those corporations that are there have responded well to support the team." Ozanian said that the Jets "are well-positioned financially for the short term because they have completely sold out their building for the next three years -- season-ticket holders are locked in for three, four or five years, depending on where they're sitting -- but the team can't survive on goodwill and pent-up euphoria forever." Ozanian: "The key going forward will be whether they can maintain that support and can they put a good team on the ice. It will largely depend on the performance of the team. For it to maintain profitability, it has to be a playoff team" (
WINNIPEG FREE PRESS, 12/1).
