CNBC’s official NHL team valuations for the 2023-24 season are out, and the Toronto Maple Leafs topped their list of 32 teams. The broadcaster’s valuation method looked at how much money a team makes, what it owns, and its economic environment. Values were adjusted for teams whose stadium economics are going to improve soon (e.g., the Calgary Flames, who are scheduled to move into a new arena for the 2027-28 season).  For teams that sell their own merchandise (e.g., the Edmonton Oilers), CNBC deducted the cost of goods sold from merchandise sales.

The Leafs, whose principal owners are Rogers Communications, BCE, and Larry Tanenbaum, led with a valuation of $4 billion (this includes equity plus net debt, and factors in the team’s revenue-generating capabilities). The team generated $324 million in revenue for the 2023-24 season with $139.5 million in earnings before interest, taxes, depreciation, and amortization. The team’s debt is 5% of its total valuation (CNBC values the team at $4 billion, so a 5% debt means the team has about $200 million in debt).

The Leafs play out of Scotiabank Arena, which, as we previously reported, is currently undergoing sustantial renovations. Some fans are worried that the renos will lead to increased ticket prices — this is significant as it’s already pretty expensive to attend a game. A report released last year by online sports betting platform Betway showed that Toronto has the most expensive NHL games of any league. One ticket to a regular season home game at Scotiabank Arena costs $145.60+ on average (the only city to come close to that number is Seattle, where it costs $130.85 on average to attend a Kraken game). If anything, the pricing reflects the Leafs’ huge fan base and underscores their high valuation.

The Leafs weren’t the only Canadian team to make the top 10. The team was followed by the New York Rangers (valued at $3.5 billion), the Montreal Canadiens (valued at $3.1 billion), the Los Angeles Kings (valued at $2.85 billion), the Boston Bruins (valued at $2.75 billion), the Edmonton Oilers (valued at $2.65 billion), the Chicago Blackhawks (valued at $2.6 billion), the Philadelphia Flyers (valued at $2.25 billion), the Washington Capitals (valued at $2.1 billion), with the Detroit Red Wings rounding out the top 10 (valued at $2.05 billion).

Other Canadian teams that made the list are the Vancouver Canucks (ranked 12^th, valued at $1.95 billion), the Calgary Flames (ranked 18^th, valued at $1.7 billion), the Ottawa Senators (ranked 29^th, valued at $1.18 billion), and the Winnipeg Jets (took the 31^st spot, valued at $1.1 billion).

Sources for the team valuations included everyone from team industry executives, owners, investors, sports bankers, and league consultants to public documents (e.g., stadium lease agreements, stadium authority budgets, and credit rating reports). Figures that couldn’t be confirmed are CNBC estimates.  Click here for a more detailed explanation of how the broadcaster calculated the valuations and here for the teams included on the list.