December 11, 2019 / 7:27 PM / 4 months ago

Rangers extend reign as NHL's most valuable team: Forbes

FILE PHOTO: Nov 20, 2019; New York, NY, USA; The New York Rangers celebrate after defeating the Washington Capitals at Madison Square Garden. Mandatory Credit: Adam Hunger-USA TODAY Sports

(Reuters) - The New York Rangers are the National Hockey League's most valuable franchise for a fifth consecutive year at more than double the league average, according to the annual list here published by business magazine Forbes on Wednesday.

The Rangers, who missed the playoffs in each of the last two seasons, are worth $1.65 billion, up six percent from last year, a jump that Forbes attributed to playing in a lucrative market with a slew of major companies.

The Toronto Maple Leafs ($1.5 billion), Montreal Canadiens ($1.34 billion), Chicago Blackhawks ($1.08 billion) and Boston Bruins ($1 billion) rounded out the top five.

“In the past two seasons, the Rangers have lost more games than they’ve won but have managed to make the most revenue and operating income in the league during the 2018-19 season,” said Mike Ozanian, Managing Editor at Forbes.

The Rangers ranked first in the NHL in combined suite and premium seat revenue, advertising and sponsorship revenue and non-NHL revenue at their arena, from events like concerts.

The Stanley Cup champions St. Louis Blues were 17th on the list after their value rose 14 percent to $530 million.

Forbes said the average value of the NHL’s 31 teams rose six percent during the past year to $667 million.

Reporting by Frank Pingue in Toronto; Editing by Ian Chadband

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