Sportico estimates Flames franchise value at $1.82 billion in 2025 ranking

Business is booming in the National Hockey League, and Sportico’s annual estimate of league-wide franchise values is a good reflection of the recent boom.

Earlier this week, the folks at Sportico unveiled their annual estimate of NHL franchise values, using a few factors to determine those figures:

To derive the fair market value of the 32 NHL franchises, Sportico calculated each team’s revenue, relying on publicly available information and financial records—as well as interviews with those knowledgeable of team finances, including seven sports bankers and lawyers who actively work on NHL transactions. In the interest of accuracy, we traded candor for anonymity. This information was vetted with multiple team owners, team financial and operating officers, media relations personnel and former team executives.

The Flames have an estimated franchise value of $1.82 billion, 19th in the NHL, and up $240 million over 2024’s valuation. League-wide, the average franchise is worth $2.095 billion and every single franchise is worth $1.3 billion or more. Heck, every single team has increased its value since last year, with the average team’s value rising by 17%. A lot of things are driving that increase, including several high-profile franchise sales, the introduction of private equity firms into NHL ownership groups, new TV deals in the United States and Canada, and a long period of labour peace.

As we noted last year, because Sportico’s formula prominently uses revenue as a driver of franchise values, their $1.82 billion figure for the Flames does not include the boost they’ll get from moving to Scotia Place for the 2027-28 season. While still operating in the Saddledome, their value increased 15% since 2024, with a bigger jump coming in the next few years.

Originally owned by Atlanta businessman Tom Cousins and his associate Bill Putnam, the Flames were relocated to Calgary in 1980 and have been primarily owned by a roster of locals since 1981. They’re currently owned by Murray Edwards, Jeff McCaig, Alvin Libin and Allan Markin. (Edwards, Libin and Markin joined the ownership group in 1994, with McCaig taking over his late father’s shares in 2005.) Nelson Skalbania purchased the Flames from Cousins in 1980 for a then-record $16 million – $63 million when adjusted for inflation. Even when you consider the hefty losses the ownership group took during the 1990s and early 2000s, the current valuation represents a pretty sizable return on that initial investment.