Here is how CNBC came to our Official 2024 NHL Team Valuations, calculated by senior sports reporter Michael Ozanian.
CNBC's Official NHL Team Valuations are current enterprise values — equity plus net debt — calculated using revenue multiples and include the economics of the team's arena, including non-NHL revenue that accrues to the team's owner. The valuations do not include 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.
CNBC values exclude other businesses related to the teams with separate financial statements such as the Chicago Blackhawks equity interest in the regional sports network Chicago SportsNet, which the hockey team owns alongside Chicago's White Sox and the Bulls. In instances where teams own a stake in a regional sports network, CNBC includes only the rights fees and advertising revenue the network pays to the team.
For teams that sell their own merchandise, such as the Edmonton Oilers, CNBC deducts cost of goods sold from merchandise sales. Likewise, CNBC excludes the market value of affiliates/equity method investments to ensure consistent enterprise value-to-revenue and enterprise value-to-EBITDA multiples. Debt figures are the latest available and include both team debt and stadium debt.
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