The Official 2024 NHL Team Valuations were calculated by CNBC.

The official NHL team valuations from CNBC are calculated using revenue multiples and include the economics of the team's arena, but exclude the value of the stadium real estate itself. Revenue figures are net of revenue sharing and the 35% of home playoff gate revenue that goes toward the revenue sharing pool.

Control transaction prices are used to determine revenue multiples, which are based on historical control transaction prices. Payment structure and the value of a deal over time are taken into account when determining purchase prices for control stakes.

CNBC values only the rights fees and advertising revenue that regional sports networks pay to teams, excluding other businesses owned by the teams such as the Chicago Blackhawks equity interest in Chicago SportsNet.

Valuations for NHL teams are determined by their current arena and location, unless there is an agreement for relocation or a new arena. The Calgary Flames, who will move into a new arena for the 2027-28 season, have their stadium economics factored into their valuation. Similarly, CNBC anticipates a significant increase in the NHL's next Canadian national broadcasting deal, which will begin with the 2026-27 season.

The revenue and EBITDA figures for the 2023-24 season are presented by CNBC, which is different from the league's official hockey-related revenue. These figures are net of revenue sharing and player escrow and are presented on a cash basis, rather than an accrual basis. Additionally, CNBC includes non-NHL arena revenue that goes to the teams in its revenue figures.

Nonrecurring items are normalized to better represent a team's economics.

The Edmonton Oilers, like other teams that sell their own merchandise, have their cost of goods sold deducted from their merchandise sales by CNBC. Additionally, CNBC excludes the market value of affiliates/equity method investments to maintain consistent enterprise value-to-revenue and enterprise value-to-EBITDA multiples. Debt figures used are the most recent and include both team debt and stadium debt.

CNBC's Official NHL Team Valuations are based on input from team owners, investors, executives, sports bankers, league consultants, public documents such as stadium lease agreements, stadium authority budgets and audits, and credit rating reports, as well as sponsorship and broadcasting industry executives.

Some figures used in the calculation of values may be approximate, and CNBC estimates were used for figures that could not be confirmed with sources.