ST. LOUIS — The value of the St. Louis Blues soared 38% to $880 million in Forbes’ annual rankings, compared with $640 million last year.
Forbes’ rankings, published Wednesday, have the Blues listed at No. 19 in valuations of the National Hockey League’s 32 teams. The Blues moved up from No. 21 in Forbes’ 2021 rankings.
The 38% increase in Forbes’ estimated valuation of the Blues ranked among the highest year-over-year climbs in the 2022 rankings, trailing only the Tampa Bay Lightning (54%) and Ottawa Senators (52%). The New York Rangers earned the top spot in Forbes’ rankings, with a $2.2 billion valuation, while the Arizona Coyotes were last in the league with a value of $450 million.
Across the league, Forbes said franchise valuations were up 19% from its 2021 rankings, with each team seeing valuations grow. Forbes said this year marks the first time the average valuation of an NHL team has topped $1 billion in its rankings, coming in at $1.03 billion.
Forbes said several recent deals for NHL franchises had pushed valuations higher, adding that they “illustrate that it’s not only teams in the biggest markets that are increasing in value.” The newly published rankings also cite the NHL’s collective bargaining agreement that divides revenue equally between its teams and players and television deals inked by the league last year as drivers of increased valuation.
Forbes estimated the Blues revenue at $180 million last season, up from $70 million in the prior year. The most recent figure is up slightly from $171 million in 2019, when the Blues won the Stanley Cup. Forbes estimates the team had operating income of $56 million last season, compared with a $52 million loss in the prior year.
Forbes says its valuations are enterprise values, based on the franchises' equity plus net debt, and also take into account clubs’ arena revenues. The Blues play at Enterprise Center, which is operated by the team and owned by the city of St. Louis, which contributed to significant upgrades in recent years. The Blues also operate the adjoining Stifel Theatre.
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