The Toronto Maple Leafs are the National Hockey League's most valuable franchise for the third straight year, while the Pittsburgh Penguins gained the most financial ground, according to an annual survey by Forbes magazine.
The Maple Leafs, owned by the Ontario Teachers' Pension Plan, are worth $448 million, a 9 percent increase over their value a year ago.
The New York Rangers, valued at $411 million, remained second, followed by the Montreal Canadiens ($334 million), Detroit Red Wings ($303 million) and Philadelphia Flyers ($275 million).
``The Maple Leafs continue to mint money at the Air Canada Centre despite putting a very poor product on the ice,'' Kurt Badenhausen, one of the authors of the story for Forbes, said in a telephone interview. ``There's an insatiable appetite for hockey in Canada and with the appreciation of the Canadian dollar over the last couple years, we've seen revenues soar.''
Toronto, which won the last of its 13 Stanley Cup titles in 1967, has an operating income of $66.4 million, which is $35.7 million more than the Rangers and $26.8 million more than Montreal. The Maple Leafs failed to reach the NHL playoffs the past three seasons.
``They seem to be immune to the idea that if you put a poor product on the ice, fans aren't going to show up,'' Badenhausen said.
Stars, Bruins
The Dallas Stars are the sixth-most-valuable NHL team at $273 million, followed by the Boston Bruins ($263 million), Vancouver Canucks ($236 million) and Colorado Avalanche ($231 million). The New Jersey Devils climbed three spots to No. 10 with a value of $222 million, a 14 percent increase over last year.
Badenhausen said that the team with likely the brightest financial future is the 18th-ranked Pittsburgh Penguins, whose $195 million value grew 26 percent in the last year, more than any other NHL franchise. The Mario Lemieux-owned team also rose 17 percent in value a year earlier.
``They'll continue, most likely, to move up the ranks,'' Badenhausen said of the Penguins, who lost to Detroit in last year's Stanley Cup finals. ``They've got an exciting young team that is very marketable, they've got a fan base that is tuned in, and probably most importantly, they'll be getting a new arena in 2010.''
The Penguins' new venue, which is scheduled to open for the 2010-11 season, will have 66 suites and seat more than 18,000 fans, replacing Mellon Arena, the oldest in the NHL.
(Source: Bloomberg)
