Shocking CNBC NHL Team Valuations Reveal Unexpected Winners and Losers in 2025 Rankings
Revenue and EBITDA figures are for the 2024-25 season and net of revenue sharing and player escrow. CNBC presents revenue and operating income figures on a cash basis, rather than an accrual basis. CNBC figures are different from the league’s official hockey-related revenue because we include non-NHL arena revenue that goes to the teams. When the owner of the arena also owns both the NHL team and NBA team that play in the arena — as is the case for Toronto’s Maple Leafs and Raptors, the Colorado Avalanche and Denver Nuggets, and Utah’s Mammoth and Jazz, among others — we divide revenue from non-sports events held at the arena evenly between the two teams.
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