It hasn't been an ordinary time, but some things have remained consistent. For the sixth straight year, the New York Rangers have topped Forbes' list as the NHL's most valuable franchise.
The Toronto Maple Leafs, Montreal Canadiens, Chicago Blackhawks, and Boston Bruins rounded out the top five. Largely due to lucrative local TV deals (specifically for New York, Toronto, and Montreal), these five teams accounted for nearly a quarter of the league's revenue. Forbes estimates the NHL would have lost $50 million if it weren't for these clubs.
Other teams weren't as fortunate. Outside of the top five, only two teams - the Stanley Cup-winning Tampa Bay Lightning and the New York Islanders - didn't receive a negative value change. The Isles actually generated the league's second-lowest revenue, but the incoming Belmont Park Arena (expected to be ready for 2021-22) boosted the club's financial outlook.
Overall, the average team fell 2% - the first decline since 2001. The league's total revenue decreased by 14% and its operating income was down 68%. All of this, of course, is largely due to the COVID-19 pandemic.
There were actually no changes to the order of the top 15 compared to 2019. Here's the full list:
| Rank | Team | Value | Value change |
|---|---|---|---|
| 1 | New York Rangers | $1.65B | 0% |
| 2 | Toronto Maple Leafs | $1.5B | 0% |
| 3 | Montreal Canadiens | $1.34B | 0% |
| 4 | Chicago Blackhawks | $1.085B | 0% |
| 5 | Boston Bruins | $1B | 0% |
| 6 | Los Angeles Kings | $825M | -3% |
| 7 | Philadelphia Flyers | $800M | -3% |
| 8 | Detroit Red Wings | $775M | -3% |
| 9 | Washington Capitals | $750M | -3% |
| 10 | Vancouver Canucks | $725M | -2% |
| 11 | Pittsburgh Penguins | $650M | -2% |
| 12 | Dallas Stars | $575M | -4% |
| 13 | Vegas Golden Knights | $570M | -2% |
| 14 | Edmonton Oilers | $550M | -4% |
| 15 | New Jersey Devils | $530M | -4% |
| 16 | New York Islanders | $520M | 0% |
| 17 | San Jose Sharks | $515M | -5% |
| 18 | St. Louis Blues | $510M | -4% |
| 19 | Minnesota Wild | $500M | -2% |
| 20 | Calgary Flames | $480M | -4% |
| 21 | Tampa Bay Lightning | $470M | 0% |
| 22 | Colorado Avalanche | $465M | -2% |
| 23 | Anaheim Ducks | $460M | -4% |
| 24 | Carolina Hurricanes | $440M | -2% |
| 25 | Nashville Predators | $435M | -5% |
| 26 | Ottawa Senators | $430M | -3% |
| 27 | Winnipeg Jets | $405M | -4% |
| 28 | Buffalo Sabres | $385M | -4% |
| 29 | Columbus Blue Jackets | $310M | -5% |
| 30 | Florida Panthers | $295M | -5% |
| 31 | Arizona Coyotes | $285M | -5% |
*Value change is over a one-year period
