The Toronto Maple Leafs remain atop Sportico's NHL valuation list.
The Maple Leafs are worth $4.25 billion according to the publication, up 16 per cent from last year's mark of $3.66 billion.
Sportico released its annual list Wednesday. The average valuation is $2.1 billion.
Rogers Communications Inc., the owner of Sportsnet, owns a 75-per-cent stake of Maple Leaf Sports & Entertainment.
The Leafs are followed by the New York Rangers ($3.65 billion), Montreal Canadiens ($3.3 billion), Boston Bruins ($3 billion) and Los Angeles Kings ($2.96 billion).
The top five is unchanged from last year.
The Edmonton Oilers are sixth ($2.76 billion), the Vancouver Canucks are 18th ($1.87 billion), the Calgary Flames are 19th ($1.82 billion), the Ottawa Senators are 30th ($1.34 billion) and the Winnipeg Jets are 31st ($1.33 billion).
The Columbus Blue Jackets are last, at $1.3 billion.
The two-time defending Stanley Cup champion Florida Panthers moved up nine spots to No. 17 ($1.89 billion), increasing their value by 51 per cent. The Carolina Hurricanes also made a big jump, climbing 10 positions to No. 15 ($1.92 billion).
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