The New York Rangers are as soon as once more the NHL’s second-most valuable team, in response to CNBC’s official NHL team valuations launched Tuesday.
CNBC values the Rangers at $3.8 billion, However, it famous that the team took an 18 p.c discount in its tv rights, all the way down to $35 million, for the 12 months ending June 2026 as a results of an MSG Networks debt restructuring. But it additionally mentioned the Rangers took in essentially the most regular-season internet gate receipts final season — $179 million – and that over the previous 4 seasons, the Blueshirts earned $615 million from regular-season gate receipts.
That was $152 million greater than the Toronto Maple Leafs, who earned the second-most. In all, CNBC’s valuations say the common team is price $2.2 billion, up 15 p.c from final 12 months. Richer nationwide media rights offers had been the largest driver of franchise values.
The Leafs are ranked as the NHL’s most valuable team at $4.3 billion. Toronto took in $130 million in internet gate income final season, second within the League, in response to inner NHL reviews obtained by CNBC. The Maple Leafs additionally earn about $45 million a 12 months from the native media rights take care of Rogers, third within the NHL.
Their subsequent deal is predicted to extend that determine to round $55 million a 12 months, which might place the team behind solely the Montreal Canadiens, who had been third in essentially the most valuable team race at $3.4 billion.
The Canadiens introduced final month that they’d signed a new local media rights deal with Bell Media for English- and French-language channels. It can pay the team a League-leading annual common of $70 million to $75 million starting subsequent season.
Rangers stay second in CNBC’s NHL team valuations
The Rangers had been additionally second to the Leafs in Sportico’s annual team valuation rankings at $3.65 billion. Those numbers had been launched in early October and confirmed the common NHL franchise was price an estimated $2.1 billion. That’s up 17 percent from the same time in 2024 and greater than 100% from 2022, when the common team worth was solely $1.01 billion.
Either method, instances are good for the Rangers and the 31 groups they’re competing with for the Stanley Cup — and it seems to be like they’ll preserve getting higher.
In April, the NHL and Rogers Communications agreed to a 12-year national Canadian media rights deal price $7.79 billion (based mostly on trade charges as of Nov. 24), that can start with the 2026-27 season. That’s greater than twice the quantity the League is receiving from its present 12-year take care of Rogers.
The NHL’s present U.S. nationwide media rights offers with the Walt Disney Company and TNT Sports are price a mixed annual common of $630 million via the 2027-28 season — and are more likely to see a giant improve within the subsequent cycle.
“The next U.S. rights deal for the NHL should approach a doubling,” Lee Berke, CEO of LHB Sports, Entertainment & Media, whose agency advises groups and leagues on media offers. informed CNBC. “Sports rights move the needle for distributors, subscribers and viewers.”
Average income for all 32 groups climbed to $243 million in 2024-25, up nine percent from 2023-24, in response to CNBC. Over the identical time span, EBITDA (earnings earlier than curiosity, taxes, depreciation and amortization) rose 20 p.c to a mean of $54 million per team.
The Rangers ought to reap further income in 2025-26 as they have a good time their Centennial season. They will put on particular sweaters on 10 nights as the team commemorates well-known occasions and gamers of their first 100 seasons.
Revenue from nationwide media rights is cut up evenly among the many 32 groups, however will increase in nationwide media rights proportionally benefiting low-revenue groups greater than high-revenue golf equipment. That’s one purpose the 16 groups with the bottom income for the 2024-25 season elevated by a mean of 19 p.c through the previous 12 months, in contrast with 14 p.c for the 16 groups that had the very best income.
Teams just like the Rangers that soak up extra ticket cash and have big-money native TV offers nonetheless dominate the highest of CNBC’s valuations as a result of groups preserve all the cash from these income streams through the common season.
The two different Metropolitan-area franchises are a lot additional down in CNBC’s rankings. The New Jersey Devils are eleventh, the identical as the earlier 12 months, with a price of $2.45 billion, up 23 p.c from a 12 months earlier. The New York Islanders fell from sixteenth to twentieth with a valuation of $1.82 billion, up simply three p.c.
