National Hockey League Commissioner Gary Bettman says he believes NHL teams are still being undervalued.
That is despite the average NHL team value reaching $2.2 billion, a 15% jump from last year, according to CNBC’s Official NHL Team Valuations, published on Tuesday.
The Toronto Maple Leafs top the 2025 CNBC list at a $4.3 billion value, but Bettman says that is still underselling the league’s most richly valued team.
“If you were to put the Toronto Maple Leafs on the market on their own, they would sell for far more than a $4.3 billion valuation,” said Bettman in an interview on CNBC’s “Squawk Box” on Tuesday morning. “But it’s okay, because we are up over 100 percent over the last three years, so I think we are getting some credit.”
Bettman added that there are a number of markets in which NHL team values go head-to-head with Major League Baseball valuations, which range from about $1.2 billon to $8 billion.
“The trending is very positive and the marketplace will ultimately determine what the true value is,” he said.
CNBC’s Official 2025 NHL Team Valuations: See the Full List
The NHL commissioner also reflected on the league’s expansion landscape.
The league’s newest clubs include the Vegas Golden Knights, who entered in 2017 with a $500 million expansion fee, and the Seattle Kraken, which joined in 2021 for $650 million. Most recently, the Arizona Coyotes relocated and rebranded as the Utah Mammoth in a $1.2 billion transaction.
The Golden Knights top the the recent expansion teams in value on CNBC’s annual NHL list, at $2.1 billion.
Following a record $7.7 billion Canadian media rights deal with Rogers Communications in
April, Bettman said the league has never been healthier, and the competitive balance has never been better.
“My instructions from ownership are, if we are going to expand, it has to start with a two [$2 billion], otherwise it doesn’t make sense,” 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, an area where pro hockey has been at the forefront. In October, the league struck a deal with Kalshi and Polymarket, becoming the first major sports league to partner with a prediction markets platform.
Bettman says the alignment between sports betting and prediction markets gives the NHL more control and the ability to “take down any contracts that we don’t think are appropriate.”
While a wave of sports betting scandals have struck MLB and the NBA, Bettman said that he has confidence in NHL players and personnel.
“I don’t believe our game is susceptible in the way that some others might be … you can’t really get away with that kind of cheating anymore,” he said.
