How CNBC calculated the Official 2024 NHL Team Valuations
CNBC's Official NHL Team Valuations are current enterprise values — equity plus net debt — calculated using revenue multiples and include the economics of the team's arena, including non-NHL revenue that accrues to the team's owner. The valuations do not include the value of the stadium real estate itself. Revenue figures are net of revenue sharing and the 35% of home playoff gate revenue that goes toward the revenue sharing pool.
Revenue multiples are based on historical control transaction prices. 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 Chicago Blackhawks equity interest in the regional sports network Chicago SportsNet, which the hockey team owns alongside Chicago's White Sox and the Bulls. In instances where teams own a stake in a regional sports network, CNBC includes only the rights fees and advertising revenue the network pays to the team.
Valuations are based on where a team is currently playing and its current arena, unless there is an agreement in place for the team to move or get a new arena. Values are adjusted for teams whose stadium economics are going to improve soon, such as the Calgary Flames, who are scheduled to move into a new arena for the 2027-28 season. Likewise, CNBC valuations anticipate a substantial increase in the NHL's next Canadian national broadcasting deal, which would begin with the 2026-27 season.
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Revenue and EBITDA figures are for the 2023-24 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.
Nonrecurring items are normalized to better represent a team's economics.
For teams that sell their own merchandise, such as the Edmonton Oilers, CNBC deducts 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.
Money Report
Sources for CNBC's Official NHL Team Valuations include team owners, investors and executives, sports bankers and league consultants; public documents such as stadium lease agreements, stadium authority budgets and audits and credit rating reports; and sponsorship and broadcasting industry executives.
Figures that could not be confirmed with sources are CNBC estimates. Some figures used in the calculation of values may be approximate.
Check out the full list of CNBC's Official 2024 NHL Team Valuations.
