The New York Rangers are the most valuable team in the NHL, and the first team to be worth $2 billion according to Forbes‘ annual rankings. The Rangers climbed 21% in this past year to take the top spot for the seventh consecutive year. The Toronto Maple Leafs at $1.8 billion and Montreal Canadiens at $1.6 billion round out the top three spots.

The Rangers aren’t the only team to see a large increase in value. The average team’s value actually grew around 32%. The dramatic increases can be attributed to a combination of a new seven-year media deal with ESPN and Turner Sports, new arenas and increased sponsorship revenue. Ticket sales are still down with the pandemic still being a factor, but there are some fans back in the stands which is better than an empty arena. The media deal is especially big. Before, the NHL brought in about $300 million a year. Now, the NHL is paid around $625 million per year.

“Revenue and operating income are for the 2020-21 season, include postseason and applicable non-NHL arena revenue, and are net of revenue sharing and arena debt service,” Forbes‘ description of the method they use to create this list said. “All figures are in U.S. dollars based on average exchange rate during 2020-21 season. Team values are enterprise values (equity plus net debt) of teams based on the current arena deal (unless a new arena is pending). Operating income is earnings before interest, taxes, depreciation, and amortization. Debt includes arena when recourse to team owner.”

There were no NHL teams that saw their value decrease. The Edmonton Oilers even saw their value double to $1.1 billion. Even the Seattle Kraken, who entered the league this season, are valued at $875 million, which is more than enough to cover the price, $650 million, they paid to join the NHL.

As for the Rangers, they’re are proving their place with their record standing at 17-4-3 so far this season.

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