Key Takeaways
- • NHL team valuations surged 15% year-over-year to an average of $2.2 billion, driven by richer national media rights deals, with the Dallas Stars valued at $2.05 billion according to CNBC's 2025 official valuations.
- • Dallas Stars CEO Brad Alberts stated private equity and live sports popularity will continue fueling NHL franchise valuation growth, signaling sustained momentum in the sector despite competitive pressures across professional sports.
- • NHL national media rights deals are expanding significantly—the league secured a 12-year Canadian deal worth $7.79 billion with Rogers Communications (more than double the previous agreement), while U.S. deals are expected to approach a doubling in the next cycle.
- • Average NHL team revenue climbed 9% to $243 million during 2024-25, with EBITDA rising 20% to $54 million per team, reflecting improved operational performance across the league's 32 franchises.
- • Lower-revenue NHL teams posted average valuation gains of 19% year-over-year compared to 14% for high-revenue teams, demonstrating how shared national media rights wealth proportionally benefits smaller-market franchises while arena economics and local TV deals remain value drivers for top-tier teams.
Summary
Dallas Stars CEO Brad Alberts believes the professional sports franchise valuation surge shows no signs of slowing, particularly in the National Hockey League. Speaking at Bloomberg's Dallas office, Alberts attributed sustained valuation growth to two converging factors: expanding private equity participation in sports team ownership and the enduring popularity of live sports as an investment asset class. His comments reflect broader market dynamics reshaping professional sports finance across multiple leagues.
The NHL's valuation momentum is quantifiable. According to CNBC's Official NHL Team Valuations for 2025, the average franchise is now worth $2.2 billion, representing a 15% increase from the prior year. The Dallas Stars, which Alberts leads, are valued at $2.05 billion. These gains are fundamentally anchored in media rights expansion. In April 2025, the NHL and Rogers Communications agreed to a 12-year national Canadian media rights deal valued at $7.79 billion—more than twice the revenue generated under the expiring 12-year agreement. The league's U.S. national media rights deals with Walt Disney and Warner Brothers Discovery, currently worth a combined annual average of $630 million through the 2027-28 season, are expected to nearly double when renegotiated.
On the operational side, NHL teams posted measurable financial improvements during the 2024-25 season. Average franchise revenue reached $243 million per team across the 32-team league, a 9% increase year-over-year. More significantly, EBITDA (earnings before interest, taxes, depreciation, and amortization) surged 20% to an average of $54 million per franchise. The distribution mechanism for national media rights—split evenly across all 32 teams—has disproportionately benefited lower-revenue franchises. The 16 teams posting the lowest local revenues increased in valuation by an average of 19% during the past year, compared to 14% for the 16 highest-revenue teams. However, franchises with superior arena economics and rich local television deals continue to command premium valuations, as teams retain all local revenue during the regular season.
Private equity's entry into sports ownership has accelerated this valuation trajectory. Beyond the NHL, institutional and private equity investors have begun acquiring minority stakes in NFL franchises, with the Buffalo Bills and Miami Dolphins becoming the first NFL teams to sell ownership stakes to private equity firms. This capital influx reflects investor recognition of sports franchises as inflation-resistant, revenue-stable assets with limited supply and secular growth tailwinds from media rights and sponsorship expansion. Alberts' commentary suggests that as private equity deployment in sports continues and live sports maintain cultural relevance, NHL valuations are positioned for sustained appreciation.
The NHL's valuation momentum is quantifiable. According to CNBC's Official NHL Team Valuations for 2025, the average franchise is now worth $2.2 billion, representing a 15% increase from the prior year. The Dallas Stars, which Alberts leads, are valued at $2.05 billion. These gains are fundamentally anchored in media rights expansion. In April 2025, the NHL and Rogers Communications agreed to a 12-year national Canadian media rights deal valued at $7.79 billion—more than twice the revenue generated under the expiring 12-year agreement. The league's U.S. national media rights deals with Walt Disney and Warner Brothers Discovery, currently worth a combined annual average of $630 million through the 2027-28 season, are expected to nearly double when renegotiated.
On the operational side, NHL teams posted measurable financial improvements during the 2024-25 season. Average franchise revenue reached $243 million per team across the 32-team league, a 9% increase year-over-year. More significantly, EBITDA (earnings before interest, taxes, depreciation, and amortization) surged 20% to an average of $54 million per franchise. The distribution mechanism for national media rights—split evenly across all 32 teams—has disproportionately benefited lower-revenue franchises. The 16 teams posting the lowest local revenues increased in valuation by an average of 19% during the past year, compared to 14% for the 16 highest-revenue teams. However, franchises with superior arena economics and rich local television deals continue to command premium valuations, as teams retain all local revenue during the regular season.
Private equity's entry into sports ownership has accelerated this valuation trajectory. Beyond the NHL, institutional and private equity investors have begun acquiring minority stakes in NFL franchises, with the Buffalo Bills and Miami Dolphins becoming the first NFL teams to sell ownership stakes to private equity firms. This capital influx reflects investor recognition of sports franchises as inflation-resistant, revenue-stable assets with limited supply and secular growth tailwinds from media rights and sponsorship expansion. Alberts' commentary suggests that as private equity deployment in sports continues and live sports maintain cultural relevance, NHL valuations are positioned for sustained appreciation.
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