Most valuable NHL teams: ranking the 7 Canadian franchises

Three of the five most valuable NHL teams belong to Canada. In a league where the average franchise is now worth $2.2 billion, more than double the figure from a few years ago, the seven Canadian clubs punch well above their weight. With a new Rogers national media deal worth $11 billion CAD set to begin soon, the financial landscape north of the border is shifting fast. Each Canadian franchise is ranked below by current valuation, along with the forces behind the numbers.

At a glance: the 7 Canadian franchises ranked by value

Canadian fans have long carried the NHL’s cultural identity. The financial data now reflects that loyalty in hard numbers.

Sources: Forbes, CNBC Official NHL Team Valuations.

The gap between Toronto at the top and Ottawa at the bottom is roughly $3 billion, a spread that illustrates how market size, arena economics, and local media rights shape franchise wealth even within a single country.

Gambling and betting sponsorships have become a growing revenue stream for Canadian franchises, part of a broader online entertainment market that includes top online casinos in Canada and sports betting platforms. That commercial interest feeds directly into the valuations tracked by Forbes and CNBC.

The top tier

The three franchises sitting at the top of this ranking share a common thread: massive local broadcasting contracts and decades of brand equity that no amount of on-ice frustration has been able to erode.

Toronto Maple Leafs, $4.3–4.4 billion

No franchise in hockey generates revenue quite like Toronto. The Maple Leafs brought in roughly $130 million in net gate receipts during the most recent regular season, the second-highest total in the entire NHL. Their local media agreement with Rogers, currently worth about $45 million per year, is expected to climb to $55 million under the next cycle. In addition to its existing 37.5% ownership of Maple Leaf Sports & Entertainment, Rogers is expected to purchase Bell’s remaining 37.5% stake, giving the telecom giant a much larger role in the franchise’s future.

The Leafs have not lifted the Stanley Cup in decades, yet the drought has done nothing to slow the financial machine. A loyal, large-market fanbase and premium seating revenue at Scotiabank Arena keep Toronto firmly at number one, both in the NHL and among all Canadian professional sports properties.

Montréal Canadiens, $3.4 billion

By signing a new broadcasting contract with Bell Media, reportedly valued at $70–75 million per year, the Canadiens secured the NHL’s highest-paying local media rights agreement. That figure surpasses every other club in the league, including the Maple Leafs. The bilingual market is a key advantage: broadcasting in both English and French across Quebec and beyond gives the Canadiens a reach that few franchises can match.

Twenty-four Stanley Cup banners hang from the Bell Centre rafters, and that historic brand continues to generate premium sponsorship interest even during rebuilding years. The Canadiens continue to thrive financially, supported by the Molson family’s leadership and an increasingly competitive young core.

Edmonton Oilers, $3.1–3.2 billion

Connor McDavid’s presence has been a valuation accelerator unlike anything else in the league. Back-to-back Stanley Cup Final appearances pushed the Oilers to a record-setting season across all revenue verticals: sponsorships, premium seating, food and beverage, and merchandise. Total revenue hit $431 million, the highest of any NHL franchise, Canadian or American.

A new local television agreement with Rogers, potentially exceeding $50 million annually depending on advertising revenue, adds another layer. Rogers Place has maximized the surrounding Ice District development, and the Oilers’ value has effectively doubled in just a few years, vaulting them past the Boston Bruins and into the league’s top five.

The mid-market contenders

Both Vancouver and Calgary sit in that middle band of NHL valuations, well above the league floor but still chasing the financial firepower of the top three Canadian clubs.

Vancouver Canucks, $2.15–2.2 billion

The Aquilini family has owned the Canucks for nearly two decades, and the franchise benefits from Vancouver’s status as a Pacific gateway city. The local market draws strong corporate interest, and recent playoff momentum has helped push attendance and sponsorship revenues upward. Net gate receipts and premium seating remain solid, although Vancouver’s local TV agreement with Rogers does not yet match the figures commanded by Toronto or Montréal.

At roughly $2.2 billion, the Canucks sit just outside the league’s top ten. Continued playoff success may be the key to driving the franchise’s value closer to the $3 billion threshold in the near future.

Calgary Flames, $1.9–1.93 billion

The Flames are a franchise in transition, and the biggest catalyst sits on the horizon: a new arena currently under construction. Arena economics is one of the four pillars Forbes uses to calculate franchise value (alongside sport, market, and brand), and Calgary’s current home, the Saddledome, is one of the NHL’s oldest venues.

Owner N. Murray Edwards has tied the club’s financial future to this project. A modern arena with improved premium seating, expanded hospitality areas, and naming-rights revenue could significantly boost the Flames’ valuation. CNBC’s methodology already factors in the anticipated improvement, which is one reason Calgary’s current number sits higher than raw revenue figures alone might suggest.

The underdogs with room to grow

Winnipeg and Ottawa occupy the bottom of the Canadian ranking, but both franchises are posting some of the fastest year-over-year growth rates in the entire NHL.

Winnipeg Jets, $1.35–1.46 billion

The Jets recorded one of the league’s sharpest valuation jumps, climbing between 29% and 33% depending on the source. Context makes that figure even more striking: True North Sports & Entertainment purchased the franchise for just $170 million when the team relocated from Atlanta over a decade ago.

Winnipeg is the NHL’s smallest market, yet the fanbase fills Canada Life Centre with remarkable consistency. The club’s co-ownership structure, with Mark Chipman alongside David Thomson, whose family controls Thomson Reuters, provides financial stability. The new national Rogers deal, which splits revenue evenly among all 32 teams, disproportionately benefits lower-revenue clubs like the Jets by lifting their baseline income.

Ottawa Senators, $1.375–1.44 billion

Michael Andlauer’s acquisition of the Senators has brought a new ownership energy that was absent for years. The franchise’s most transformative project is the proposed move to a downtown arena at LeBreton Flats, a development that Andlauer envisions as far more than a hockey rink.

Key milestones in the arena project include:

• An agreement with the National Capital Commission on the purchase of roughly 11 acres of land
• Negotiating a pioneering economic partnership with the Algonquin Anishinabe Nation, potentially the first of its kind in NHL history
• Plans for a mixed-use district with residential, commercial, and entertainment components
• An estimated project cost exceeding $1.2 billion

The current Canadian Tire Centre sits in suburban Kanata, roughly 25 kilometers from Parliament Hill. A downtown location connected to Ottawa’s light rail network would unlock gate revenue, sponsorship, and premium seating opportunities that the franchise has never been able to tap. Andlauer has stated publicly that the arena is “not my arena, it’s Ottawa’s arena,” signaling a community-driven approach to financing and development.

What drives value for Canadian NHL teams?

Four key factors separate the Canadian clubs that sit near the top of the league from those still climbing:

• National media rights: The new Rogers deal, worth $11 billion CAD over 12 years, more than doubles the outgoing contract. That revenue is split evenly among all 32 teams, meaning every franchise benefits. The next U.S. national deal is expected to approach a similar increase.
• Local broadcasting contracts: This is where the gap between Canadian and American clubs is widest. While U.S. regional sports networks have faced financial pressure and rights fee reductions, Canadian teams have secured substantial increases. The Canadiens’ $70–75M/year agreement and the Oilers’ new Rogers deal are prime examples.
• Arena economics: Franchises that control their own arena, keeping revenue from non-NHL events, naming rights, and food and beverage, carry a built-in advantage. Toronto, Edmonton, and eventually Calgary all benefit from this model.
• On-ice performance: Playoff runs generate direct revenue through ticket sales, merchandise, and broadcast viewership, but they also create a halo effect on sponsorship negotiations and brand perception. Edmonton’s back-to-back Cup Final runs are the clearest recent example.

Canadian NHL franchises represent a disproportionate share of the league’s total value, and the incoming media deals suggest that concentration will only deepen. Whether a club sits at $4.4 billion or $1.4 billion, the underlying economics of hockey in Canada remain unlike anything else in North American professional sports.