The business of professional sports has never been more profitable, with team valuations increasing right across the board. Both the NHL and NBA are major players in North America, but how do their team values really compare? More specifically, how do NHL franchises measure up against the Toronto Raptors, Canada’s top NBA team?
While hockey remains deeply rooted in Canadian culture, the Raptors' success can be attributed to the increase in popularity of basketball and its highly profitable business model. This piece will break down the factors that influence team valuations, look at why NBA teams generally outpace NHL franchises, and consider whether an NHL team could eventually surpass the Raptors in value.
Growing Success of NHL Team Values
The NHL has experienced considerable financial growth in recent years. Although hockey has traditionally trailed behind sports like the NFL and NBA in terms of revenue, the league's franchise values have surged due to stronger media deals, higher expansion fees, and increasing sponsorships.
According to Forbes, the average NHL team is now valued at over $1 billion, a significant jump from two decades ago when teams were purchased for a fraction of that amount. The most valuable franchises, like the Toronto Maple Leafs, New York Rangers, and Montreal Canadiens, are now worth more than $2 billion. These teams are approaching the valuation of the most valuable sports teams in other leagues, like the Toronto Raptors, which has established itself as one of the top NBA teams.
Television deals have been instrumental in this growth, with the NHL securing lucrative contracts with ESPN, Turner Sports, and Rogers Sportsnet in Canada. The league has also expanded its digital presence, taking advantage of streaming platforms and international markets to drive further revenue.
Raptors vs. Maple Leafs: Who’s Worth More?
Despite the NHL’s financial growth, the Toronto Raptors remain more valuable than any Canadian hockey team. As of 2024, the Raptors are valued at about $3.1 billion, putting them in the upper tier of NBA teams. On the other hand, the Toronto Maple Leafs, the NHL’s most valuable franchise, are worth roughly $2.8 billion—a close, but noticeable, difference.
Several factors contribute to the Raptors’ advantage:
- NBA’s Global Reach – Basketball has a larger international audience, especially in markets like China and Europe, where the NBA has grown its brand aggressively.
- Higher Media Revenue – The NBA’s television contracts, including a significant deal with ESPN and TNT, are far more lucrative than those of the NHL.
- Sponsorship Appeal – Major global brands tend to invest more in the NBA, where star players drive fan engagement.
While the Maple Leafs have a loyal and substantial fanbase in Toronto, the Raptors’ ability to tap into a global audience gives them the upper hand when it comes to valuation. Even in the betting market, platforms like Sportsbet.io reflect this widespread appeal, with NBA games—including those featuring the Raptors—often attracting more international wagers than NHL matchups.
What Makes a Team Valuable?
The value of a sports franchise is determined by more than just its on-field or on-court performance. Several financial factors play a significant role in shaping a team’s worth. One of the most important is media rights deals. The larger and more lucrative the TV contracts a team or league secures, the higher the potential value of that team. This is why media deals are often the primary source of revenue for professional sports teams.
Sponsorships and advertising also contribute heavily to a team’s financial success. The bigger the brand partnerships, the more income the team generates. Leagues like the NBA tend to secure higher-value sponsorship deals, which significantly boost the value of their teams. In addition, ticket sales and arena revenue—such as gate receipts, luxury suite sales, and in-arena purchases—are critical revenue streams that directly impact a team’s overall financial picture.
Market size and fan support are also key factors in determining a team’s worth. Teams in larger cities or those with particularly loyal and dedicated fanbases tend to be more valuable. Finally, merchandising and global appeal play an increasingly important role, with sales from jerseys and other merchandise—especially in international markets—adding to a team’s value. Teams with a strong global following can capitalize on this by generating additional income from worldwide fans.
TV Deals, Tickets & Sponsorships
Broadcast rights play a critical role in the financial success of sports teams. The NBA’s latest media package is set to be worth more than $75 billion, while the NHL’s current deal is significantly smaller. This gap in TV revenue is one of the main reasons why NBA teams, including the Raptors, consistently outpace NHL franchises.
Sponsorship revenue also plays a major role. The NBA commands higher-value deals, with global brands investing heavily in jersey sponsorships, arena naming rights, and advertising. Ticket prices and arena revenues further widen the difference, with NBA arenas generally generating more per-game income than their NHL counterparts.
The Global Fanbase Factor
While hockey has a strong following in Canada and parts of the northern U.S., the NBA’s international fanbase is far more extensive. Basketball is one of the most widely followed sports worldwide, particularly in Asia, Europe, and Africa. The NBA’s marketing strategies have expanded its reach, creating a massive global audience.
By comparison, the NHL still primarily relies on North American fans. While the league has taken steps to expand through international games and outreach programs, hockey’s appeal outside traditional markets remains limited. This difference in global interest gives NBA teams a significant financial edge.
Can an NHL Team Surpass the Raptors?
Is it possible for an NHL team to eventually surpass the Toronto Raptors in value? While it’s not impossible, it would take a major transformation in the way the league operates. The NHL would need to secure much more lucrative TV contracts, either through traditional broadcasters or emerging streaming platforms. Expanding the sport into new markets, such as Asia or Latin America, could also increase revenues. Additionally, the NHL would have to focus more on promoting its star players, much like the NBA does with its high-profile athletes like LeBron James and Giannis Antetokounmpo.
Realistically, the Raptors are likely to maintain their lead unless the NHL makes substantial changes to its revenue generation model.
Lessons from the NBA’s Financial Model
The NHL could learn several valuable lessons from the NBA’s success in driving franchise valuations:
- Better Promoting Star Players – By highlighting individual talent, the NHL could increase fan interest and engagement.
- Expanding Beyond North America – Hosting more international games and growing the sport in non-traditional markets could lead to higher revenues.
- Improving Sponsorship Deals – The NHL could explore more aggressive sponsorship opportunities, taking a page from the NBA’s playbook.
- Leverage Digital & Streaming Platforms – The NHL has the opportunity to capitalize on new platforms to attract global viewers and increase its financial footprint.
Although hockey’s financial model may never match the NBA’s, there’s plenty of room for growth, and NHL teams can continue to improve their valuation by applying some of the strategies that have made the Raptors so successful.
A Promising Outlook for the NHL
While the Raptors are likely to remain the more valuable franchise in Toronto for now, the NHL is on a strong growth trajectory. With ongoing investments in media rights, global expansion, and marketing strategies, the league can continue to strengthen its financial position. NHL teams are increasingly tapping into new revenue streams, including digital platforms and international partnerships. Though it may take time before an NHL team surpasses the Raptors in valuation, the outlook remains positive for the league’s top franchises as hockey gains more worldwide traction.