Powered by record-breaking sales and valuations of slivers, NHL franchise values increased by a staggering 31 percent over the last year, according to the <a href="https://www.sportico.com/feature/nhl-team-values-ranking-list-1234693065/" target="_blank" rel="noreferrer noopener">latest appraisal</a> by Sportico. 



Last November, the average value of an NHL franchise hit $1 billion for the first time. That surged to $1.31 billion on Wednesday, on the back of the Ottawa Senators’ recently closed sale to Michael Andlauer for a reported $950 million, which helped set a floor.



The best news for the NHL? Sportico‘s estimations may still be well short of true market value.



The clearest evidence of that is in the valuation of the Montreal Canadiens, the venerable institution listed by Sportico as the NHL’s third most valuable franchise at $2.27 billion (all figures USD). Andlauer <a href="https://www.espn.com/nhl/story/_/id/38796018/montreal-canadiens-minority-stake-sold-record-valuation" target="_blank" rel="noreferrer noopener">reportedly</a> sold his 10 percent stake in the Canadiens, as required to take control of the Senators, at a $2.5 billion valuation. And yes, slices of teams can typically expect to be traded at a higher value than the entire franchise, but that is just one example. The Lightning, Wild, Devils and Predators all sold off minority or majority chunks of their franchises in the last year or so at valuations well north of public estimates.<div class="injected-ad injected-video" data-nn-ad-tech-injection-count="0" data-nn-ad-tech-max-gap="130" data-nn-ad-tech-current-gap="201"></div>



“Our franchises have been historically undervalued,” commissioner Gary Bettman said at the league’s Oct. Board of Governors meeting in New York. “But if you look at what’s been going on regarding franchise values, they’ve been increasing.”



Unsurprisingly, the Toronto Maple Leafs remain the league’s most valuable property at $2.65 billion. The entirety of Maple Leaf Sports and Entertainment – which includes the NBA’s Raports, MLS’ Toronto FC, the Leafs, Scotiabank Arena, and a slew of other elements in the portfolio – was recently valued at a total of $8 billion. The Maple Leafs generated a league-best $327 million in revenue last season, according to Sportico, nearly 10 percent more than the next closest team, the rival Canadiens.



There was no change in the ranking of the 10 most valuable teams. The New Jersey Devils notably climbed five spots in the rankings based on their increased revenue performance (from 16th to 7th, league-wide). Two franchises, the Carolina Hurricanes and Florida Panthers, saw their valuation increase by more than 50 percent year-over-year – led by their recent on-ice success and capitalization in their marketplace.<div class="injected-ad" data-nn-ad-tech-injection-count="1" data-nn-ad-tech-max-gap="130" data-nn-ad-tech-current-gap="182"></div>



Even the Winnipeg Jets, the team that increased the least, jumped a very healthy 15 percent. In any normal year, that would be celebrated as huge win.



Now, 22 teams are worth at least $1 billion, compared to half that number one year ago. When Bettman was asked about a potential expansion fee should the league decide to grow again shortly, he replied with a smile: “A lot.” He wasn’t kidding. It’s a number that’s growing exponentially and may soon be closer to $2 billion than one.