Shocking CNBC NHL Team Valuations Reveal Unexpected Winners and Losers in 2025 Rankings
Revenue figures are net of revenue sharing and the 35% of home playoff non-premium gate revenue that goes toward the revenue-sharing pool. Revenue multiples are based on historical control transaction prices, as well as what investors, league executives and bankers say about the market. Purchase prices are for control stakes and take into account payment structure and the value of a deal over time.
CNBC values exclude other businesses related to the teams with separate financial statements, such as the Edmonton Oilers’ mixed-use real estate project. For teams that sell their own merchandise, such as the Oilers, CNBC deducts the cost of goods sold from merchandise sales. Likewise, CNBC excludes the market value of affiliates/equity method investments to ensure consistent enterprise value-to-revenue and enterprise value-to-EBITDA multiples. Debt figures are the latest available and include both team debt and stadium debt.
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