For the third consecutive year, the New York Rangers rank as the most valuable franchise in the National Hockey League, according to Forbes, but the big story takes place north of the border where the Toronto Maple Leafs passed the Montreal Canadiens to become the league's second most valuable franchise in 2017.
Maple Leaf Sports and Entertainment, which owns the Leafs, struck the most lucrative arena naming rights deal in the NHL in the past year, providing the boost needed to pass the Canadiens. Scotiabank agreed to pay MLSE $640 million over the next 20 years in the deal. Forbes values the Maple Leafs at $1.4 billion, slightly ahead of the Canadiens who are valued at $1.25 billion.
The Rangers, whose valuation jumped 20 percent from 2016, sit atop the Forbes list at $1.5 billion. According to the respected business magazine, the Rangers generated $246 million in revenue, most in the league. Their operating revenue of $94 million also topped every other team in the NHL.
The Top Five rounds out with the Chicago Blackhawks ($1 billion) and Boston Bruins ($890 million), meaning five of the league's esteemed Original Six franchises held the top spots on the Forbes list. The other Original Six franchise, the Detroit Red Wings, rank ninth at $700 million. The two-time defending Stanley Cup champion Pittsburgh Penguins are right behind, ranked tenth at $650 million.
The least valuable franchise is the Arizona Coyotes, with a valuation of $300 million.
In Canada, the Vancouver Canucks also landed in the Top Ten, ranking eighth at $730 million.
Here are the values of all 31 NHL teams in 2017, according to Forbes:
| New York Rangers | $1.5 Billion |
| Toronto Maple Leafs | $1.4 Billion |
| Montreal Canadiens | $1.25 Billion |
| Chicago Blackhawks | $1 Billion |
| Boston Bruins | $890 Million |
| Los Angeles Kings | $750 Million |
| Philadelphia Flyers | $740 Million |
| Vancouver Canucks | $730 Million |
| Detroit Red Wings | $700 Million |
| Pittsburgh Penguins | $650 Million |
| Washington Capitals | $625 Million |
| Edmonton Oilers | $520 Million |
| Dallas Stars | $515 Million |
| Vegas Golden Knights | $500 Million |
| San Jose Sharks | $490 Million |
| Anaheim Ducks | $460 Million |
| St. Louis Blues | $450 Million |
| Minnesota Wild | $440 Million |
| Calgary Flames | $430 Million |
| Ottawa Senators | $420 Million |
| New Jersey Devils | $400 Million |
| New York Islanders | $395 Million |
| Tampa Bay Lightning | $390 Million |
| Colorado Avalanche | $385 Million |
| Nashville Predators | $380 Million |
| Winnipeg Jets | $375 Million |
| Carolina Hurricanes | $370 Million |
| Buffalo Sabres | $350 Million |
| Columbus Blue Jackets | $315 Million |
| Florida Panthers | $305 Million |
| Arizona Coyotes | $300 Million |