Forbes has come out with their yearly valuations of each NHL franchise and the Washington Capitals are still among the most valuable franchises in the league.

Forbes has the Caps as worth $930 million making them the 11th most valuable franchise in the league. The franchise, under Ted Leonsis’ leadership, has grown 24-percent in value since last year.

At the top of Forbes’ rankings are the New York Rangers who are the first NHL franchise to be worth over $2 billion. They’ve led the valuations list for the last seven years. The Toronto Maple Leafs ($1.8 billion), Montreal Canadiens ($1.6 billion), Chicago Blackhawks ($1.4 billion), and Boston Bruins ($1.3 billion) round out the top five.

The Capitals are worth $30 million more than the Pittsburgh Penguins ($900 million) and $55 million more than the expansion Seattle Kraken ($875 million).

According to Forbes, the average team value in the league has soared 32-percent as the sport recovers from two COVID-19 hampered seasons. Forbes reports that the average value of an NHL franchise is currently $865 million and the 32-percent growth is the largest in any year since the 50-percent gain in 2013 when the league signed its Canadian television deal.

The large yearly growth can be attributed to many things but Forbes specifically points out the league’s seven-year US media deals with ESPN and Turner, newer arenas being built, older arenas getting makeovers, and an over $100 million increase in sponsorship revenue.

Forbes is projecting an increase in all hockey-related revenue every year until 2025-26 where the projection ends at over $6 billion. That number is important for many reasons and one is that under the CBA it is used in the calculation that determines the league’s salary cap.

Headline photo: Elizabeth Kong/RMNB