National Hockey League Commissioner Gary Bettman said he believes NHL teams remain undervalued.
That’s despite the average value of an NHL team reaching $2.2 billion, up 15% from last year, according to CNBC’s Official NHL Team Valuation released Tuesday.
The Toronto Maple Leafs top CNBC’s $4.3 billion value list for 2025, but Bettman said their value is still below the league’s most expensive team.
“If you put the Toronto Maple Leafs on the market by themselves, they would sell for well over $4.3 billion,” Bettman said in an interview Tuesday morning on CNBC’s “Squawk Box.” “But it’s okay. We’ve grown over 100% over the past three years, so I think we’re getting some recognition.”
Bettman added that there are many markets where NHL team values conflict with Major League Baseball’s valuations, with valuations ranging from about $1.2 billion to $8 billion.
“The trends are very positive and ultimately the market will decide what the true value is,” he said.
CNBC’s official 2025 NHL team ratings: See the complete list
The NHL commissioner also reflected on the league’s expansion status.
New clubs in the league include the Vegas Golden Knights, who joined in 2017 for a $500 million expansion fee, and the Seattle Kraken, who joined in 2021 for $650 million. Most recently, the Arizona Coyotes relocated and rebranded as the Utah Mammoths in a $1.2 billion deal.
On CNBC’s annual NHL list, the Golden Knights top recent expansion teams with $2.1 billion.
Following record $7.7 billion media rights deal with Canada rogers communications in
In April, Bettman said the league has never been healthier and the competitive balance has never been better.
“My instructions from the owners are that if we’re going to expand, we should start with $2 ($2 billion), otherwise there’s no point,” he said.
Bettman said there is strong interest in cities looking to join the league.
The NHL commissioner also reflected on the rise of sports betting and prediction markets, with professional hockey at the forefront. In October, the league signed a deal with Calci and Polymarket, becoming the first major sports league to partner with a prediction market platform.
Bettman said the collaboration between sports betting and prediction markets would give the NHL greater control and the ability to “cancel contracts that we don’t think are appropriate.”
As a wave of sports betting scandals hits MLB and the NBA, Bettman said he has faith in the NHL’s players and talent.
“I don’t think our game is as susceptible as other games… We can’t escape that kind of cheating anymore,” he said.
