Oilers worth explodes to $1.1B, while Flames valued at $680M: Forbes
The Edmonton Oilers are now the seventh most valuable team in the NHL after doubling in estimated worth in just one year, according to a Wednesday report by Forbes.
The Oilers franchise – that was bought by billionaire Daryl Katz for $200 million in 2008 – is now valued at $1.1 billion, Forbes calculates.
The New York Rangers topped the list at $2 billion followed by the Toronto Maple Leafs, Montreal Canadiens, Chicago Blackhawks, Boston Bruins, and Philadelphia Flyers.
"The biggest rise in these valuations belongs to the Oilers, who doubled in value from last season’s ranking, to $1.1 billion," Forbes' Mike Ozanian wrote.
"We now believe that we were short-changing them on revenue in the past and have verified that the team ranks in the top quartile in the NHL in every important revenue category, including local media, where they are in the top five."
The Oilers’ provincial rival Calgary Flames ranked 18th, worth $680 million.
Ozanian believes the pandemic caused a 2 per cent dip in average franchise value, but that number has rebounded strongly as NHL franchises are now worth 32 percent more than they were in 2020.
The league has benefitted from a new U.S. media deal and new arenas that "throw off lots of cash from fancy seating, advertising and concessions," Ozanian wrote.
In 2013, Katz and the City of Edmonton agreed to a $613.7 million arena deal.
The city paid $483.5 million to build and own Rogers Place, while Katz is paying $132.5 million over 35 years in rent and up-front costs.
The Oilers are also paying $31.7 million for the Winter Garden.
CTVNews.ca Top Stories
Grandparent scam: London, Ont., senior beats fraudsters not once, but twice
It was a typical Tuesday for Mabel Beharrell, 84, until she got the call that would turn her world upside down. Her teenaged grandson was in trouble and needed her help.
Deaths of 4 people on Sask. farm confirmed as murder-suicide
The deaths of four people on a farm near the Saskatchewan village of Neudorf have been confirmed a murder-suicide.
George Washington family secrets revealed by DNA from unmarked 19th century graves
Genetic analysis has shed light on a long-standing mystery surrounding the fates of U.S. President George Washington's younger brother Samuel and his kin.
Why some Christians are angry about Trump's 'God Bless the USA' Bible
Former U.S. President Donald Trump is officially selling a copy of the Bible themed to Lee Greenwood’s famous song, 'God Bless the USA.' But the concept of a Bible covered in the American flag has raised concern among religious circles.
Full parole granted to man convicted in notorious 'McDonald's murders' in Cape Breton
The Parole Board of Canada has granted full parole to one of three men convicted in the brutal murders of three McDonald's restaurant workers in Cape Breton more than 30 years ago.
Rainfall warnings of up to 80 mm among weather alerts in effect for 6 provinces
Rainfall warnings of up to 90 millimetres and other alerts have been issued for six Canadian provinces, according to the latest forecasts.
Sunshine list: These were the Ontario public sector's highest earners in 2023
Ontario released its annual sunshine list Thursday afternoon, noting that the largest year-over-year increases were in hospitals, municipalities, and post-secondary sectors.
Bus plunges off a bridge in South Africa, killing 45 people. An 8-year-old child is only survivor
A bus carrying worshippers headed to an Easter festival plunged off a bridge on a mountain pass and burst into flames in South Africa on Thursday, killing at least 45 people, authorities said.
Calgary bridges remain closed due to ongoing police incident
Calgary police have shut down a number of bridges into and out of the downtown core as officers deal with a distraught individual.