Rangers most valuable National Hockey League franchise at $1.2 billion

The NY Rangers and Montreal Canadiens have both eclipsed the Leafs as more valuable franchises in Forbes review of the NHL’s 30 teams.

The magazine website reported that for the first time since 2004, it has the Rangers as the most valuable team in the league at an estimated worth of $1.2 billion after it generated an estimated league-high $229 million in revenue last season.

The Penguins are worth $560 million, according to a franchise valuation released by Forbes this morning.

The Maple Leafs’ drop was driven by several factors, including poor on-ice results in recent years and the team’s 13-year sellout streak at Air Canada Centre being broken.

This season the Rangers managed to increase their value to $1.2 billion and the Montreal Canadiens are now worth $1.18 billion. The value increased 12 percent in the past year, according to Forbes.

The Stanley Cup champion Chicago Blackhawks ($925 million) and the Boston Bruins ($750 million) rounded out the top five. Six other franchises are valued under $300 million: St. Louis ($270 million), Tampa Bay ($260 million), Nashville ($260 million), Columbus ($230 million), Carolina ($230 million), Arizona ($220 million).

Washington is last on the list at $565 million. Revenues and income are merely projections from Forbes, and have been disputed by team owners and front offices over the years as inaccurate.