NHL franchise values: Canada making fortune, Columbus league’s least valuable

The average NHL team TISI +0.46% now has an enterprise value (equity plus net debt) of $413 million, 46% more than a year ago. For the first time since Forbes began tracking NHL team values in 1998, three of the league’s five most valuable teams–Toronto Maple Leafs($1.15 billion), Montreal Canadiens ($775 million), Vancouver Canucks ($700 million)–are Canadian (the New York Rangers ($850 million) and defending Stanley Cup champion Chicago Blackhawks ($625 million) are the two U.S. teams to make the top five). And this is also the first time that every Canadian franchise ranks among the top 16 in the 30 team league.

Last season, six of the seven Canadian teams charged an average ticket price for non-premium seats of at least $70, compared with a league average of $64. And the five most expensive average ticket prices were charged by Canadian franchises–Toronto ($120), Montreal ($99), Winnipeg Jets ($95), Vancouver ($90), Edmonton Oilers ($79). Ticket revenues in the NHL are the Mother’s Milk of profits because the home team keeps 100% of the gate. The top teams in gate receipts-per-game last season: Toronto ($2.2 million), Montreal ($2.1 million), Vancouver ($1.8 million), New York Rangers ($1.8 million), and Calgary Flames and Edmonton Oilers tied at ($1.6 million).

“Our data comes primarily from sports bankers, public documents (municipal arena leases and financial reports), consultants who provide research and conduct studies for cities on the economic impact of an NHL team, arena naming rights and arena financing, credit rating agencies, player agents, network and cable executives, arena operators and, in a few cases, the teams themselves. Our revenue figures include proceeds from non-NHL events that go to the team owner, such as concerts, and subtract arena-generated funds that are used to pay arena debt.”

The Blackhawks claim to be losing money despite having won two of the last four Stanley Cups and playing in the third-biggest U.S. market. Team owner Rocky Wirtz might be able to truthfully make that claim because he parks certain arena revenue, like suites rentals, at a separate joint venture that owns the United Center. But since Wirtz owns 50% of the JV we give a proportional share of the JV’s revenue and expenses to the Blackhawks.