The Forbes BEARD Hockey Franchise Valuations

Per Forbes, the overall financial health of the 32 BEARD Hockey franchises is sound and growing in their first season of existence.



Editor's Note: The figures below are projections based on current numbers. These can and will change based on multiple factors; most importantly, GM actions like ticket price changes, trades, other roster moves, etc.


You can see the full excel sheet listing all of the current values right here.


With roughly 30% of the first-ever BEARD Hockey season in the books, the 32 teams are all still reasonably within striking distance of their shared goal of making the playoffs and earning the coveted Stanley Cup (along with the soon-to-be purchased BEARD Championship Title belt).


The standings as of Monday afternoon reflect a large amount of parity league-wide. Seven of the eight currently non-playoff teams are within 3 points of a wild-card spot in the Western Conference, while just eight points represents the gap between the final wild-card position and last place in the Eastern Conference.


Where there is more divergence, however, is on the balance sheets. As you'll see below, several BEARD Hockey clubs have blended payroll and playoff aspirations alike while maintaining their course toward healthy endorsement payouts at season's end. Others are off the pace but still doing well, while some may end up looking for the bargain bin for next season's endorsement deals, prospect creations, and even free agents.


Only a small handful are on potentially dangerous courses toward insolvency. Fortunately, there is still time to right the ship; though as the season wears on, the longer the wait, the more drastic the changes needed.


Overall, the league is financially healthy. Projections for league-wide revenue are expected to top $2.5 billion, with another $765 million factored in via each team's projected cash-on-hand total by the start of the 2021 offseason. Total league-wide expenses are projected to reach $2.3 billion, with 20 of the 32 clubs expected to make a profit on the year.


The league's original $75 million salary cap was based on a $3 billion revenue model, meaning if current revenues hold, the 2021-22 salary cap could increase as much as 9%. However, BEARD Hockey commissioners Thomas Gidlow and Dan Bacon prefer to be cautious in this estimate.


"Ideally we'd like to see gradual increases (to the salary cap)," said Gidlow. "Even if the economics of the league support a higher cap and floor, we want to take our time and make sure our clubs come along over time as opposed to all at once."


The league is expected to near $150 million in television rights revenues, with another $100 million coming in from various arena contracts and sponsorships.


Again, as with anything, these numbers can and will fluctuate. Many of the 12 teams currently projected to operate at a loss for the 2020-21 have some time to turn it around. Unrealized endorsement revenues, for example, sits at a projected $250 million as things stand today. Teams still have a chance to make tweaks in order to bring in a chunk of that revenue.


Without further adieu, here is the Forbes 32-team valuations and analyses. Teams are ranked by a loose "valuation" - this is a general amalgamation of projections, which include revenues, realized and unrealized endorsement contracts, possible playoff revenue**, turning a profit on the season as a whole, and projected cash on hand to start the 2021 offseason.


**= Based on standings as of 2/15/21 and estimated revenues (actual revenues obviously will vary by team performance)



New Jersey Devils: $117.1 million

Endorsements: 2 of 3 on track ($17 million)

Projected Playoff Revenue: Yes

Projected Season Revenue: $92.4 million

Projected Season Expenses: $79.7 million

Projected 2021 Offseason Cash-On-Hand: $31.2 million


GM Corey Chernuka finds his Devils at the top of our debut valuation. Despite a $71.75 million cap figure this season, Chernuka has managed his club well and sits only 1.24% away from projecting to add another $6.5 million from luxury box endorsements.


Minnesota Wild: $116.0 million

Endorsements: 2 of 3 on track ($11.5 million)

Projected Playoff Revenue: Yes

Projected Season Revenue: $83.3 million

Projected Season Expenses: $54.7 million

Projected 2021 Offseason Cash-On-Hand: $43.7 million


Josh Rose has taken the helm of his Wild and steered them into becoming a financial juggernaut. With one of the lowest payrolls in the league at $55.25 million and a possible playoff berth, Minnesota is positioning themselves for long-term success.


Los Angeles Kings: $115.4 million

Endorsements: 2 of 3 on track ($17 million)

Projected Playoff Revenue: Yes

Projected Season Revenue: $88.5 million

Projected Season Expenses: $75.8 million

Projected 2021 Offseason Cash-On-Hand: $33.4 million


New Kings GM Jay Seo has made a flurry of deals in only a handful of weeks, taking his club from the middle-of-the-pack and positioning Los Angeles among the upper echelon. As with New Jersey, Seo is only 1.54% from projecting to add $6.5 million more to his team's bottom line through luxury box endorsements.


Vancouver Canucks: $112.7 million

Endorsements: 2 of 3 on track ($17 million)

Projected Playoff Revenue: Yes

Projected Season Revenue: $89.7 million

Projected Season Expenses: $82.1 million

Projected 2021 Offseason Cash-On-Hand: $29.5 million


GM Aaron Sanderson has stuck to his "build with the big guns" philosophy, catapulting the Canucks to the top of the Western Conference. His work is also paying off on the balance sheet, as Vancouver (like others above) is just 1.13% shy of adding $6.5 million more to their bottom line in projected luxury box endorsements.


Buffalo Sabres: $112.4 million

Endorsements: 3 of 3 on track ($18 million)

Projected Playoff Revenue: Yes

Projected Season Revenue: $84.4 million

Projected Season Expenses: $70.9 million

Projected 2021 Offseason Cash-On-Hand: $28.0 million


Despite projecting to bring in the lowest amount of regular-season revenue ($59.9 million) in the league, Sabres GM Thomas Gidlow currently has his club pointed in the right direction. As long as their endorsements stay on track, things will be on sound financial footing in Buffalo.


Winnipeg Jets: $110.8 million

Endorsements: 2 of 2 on track ($10.5 million)

Projected Playoff Revenue: Yes

Projected Season Revenue: $81.0 million

Projected Season Expenses: $73.2 million

Projected 2021 Offseason Cash-On-Hand: $29.8 million


Another club with a new GM, the Jets have been solid on the balance sheet with league direction for most of the current season. Nathan Erb has the tools to take this club as far as he desires.


Calgary Flames: $110.3 million

Endorsements: 2 of 2 on track ($7 million)

Projected Playoff Revenue: No

Projected Season Revenue: $72.8 million

Projected Season Expenses: $56.1 million

Projected 2021 Offseason Cash-On-Hand: $37.5 million


GM Theo Pepper has his Flames competing for the playoffs and though they currently sit on the outside looking in (by one point), things are looking solid on the financial side. With a $52.65 million payroll, Pepper has kept costs down while achieving their marks in other areas.


Edmonton Oilers: $106.7 million

Endorsements: 2 of 3 on track ($7.5 million)

Projected Playoff Revenue: Yes

Projected Season Revenue: $77.9 million

Projected Season Expenses: $68.7 million

Projected 2021 Offseason Cash-On-Hand: $31.8 million


GM Dean Richter has quietly put his Oilers on the right course. Just 0.58% from another $3 million in projected luxury box revenue, Edmonton is putting forward a balanced approach to being competitive, both on and off the ice.


Montreal Canadiens: $106.5 million

Endorsements: 2 of 3 on track ($17 million)

Projected Playoff Revenue: Yes

Projected Season Revenue: $89.9 million

Projected Season Expenses: $80.5 million

Projected 2021 Offseason Cash-On-Hand: $27.6 million


Despite over 50 trades this season, the Canadiens are one of the most consistent franchises in the league thus far. GM Lennart Westman has his club on course for a boon of a season, with another $11 million (projected) very likely to come from his luxury box endorsement deal (just 0.36% away from the threshold). Don't be surprised if Montreal brings in north of $100 million in overall revenue this year.


Colorado Avalanche: $103.4 million

Endorsements: 1 of 1 on track ($4 million)

Projected Playoff Revenue: Yes

Projected Season Revenue: $75.6 million

Projected Season Expenses: $71.0 million

Projected 2021 Offseason Cash-On-Hand: $27.8 million


GM Vince Gibbons has his Avalanche on course for a fine season. Despite opting to take only one of a possible three endorsement deals, Gibbons is taking the 'slow and steady wins the race' approach and thus far, it's paying dividends.


Pittsburgh Penguins: $103.2 million

Endorsements: 2 of 3 on track ($7 million)

Projected Playoff Revenue: No

Projected Season Revenue: $73.0 million

Projected Season Expenses: $61.1 million

Projected 2021 Offseason Cash-On-Hand: $33.7 million


While the playoffs may be a ways off still, GM Matt Swackhammer (who ought to get a few extra bucks for that sweet name) has his Penguins on the road towards financial stability. Amassing cash while developing young players may prove a winning strategy in Steeltown.


Washington Capitals: $102.5 million

Endorsements: 2 of 3 on track ($7.5 million)

Projected Playoff Revenue: Yes

Projected Season Revenue: $80.4 million

Projected Season Expenses: $72.4 million

Projected 2021 Offseason Cash-On-Hand: $28.6 million


One of the surprises of the season so far is Washington's emergence. With the best record in the league at 18-5-2 and a payroll just north of $63 million, GM Shawn Davis has positioned the Capitals for a very financially-solid season.


Arizona Coyotes: $100.5 million

Endorsements: 2 of 3 on track ($7.5 million)

Projected Playoff Revenue: Yes

Projected Season Revenue: $78.8 million

Projected Season Expenses: $76.4 million

Projected 2021 Offseason Cash-On-Hand: $24.7 million


A respectable standing for GM Colin Small, as his Coyotes are on good footing for the moment. However, a very tedious playoff projection must come to fruition to give this club the revenue boost it will surely need to remain at these numbers.


Detroit Red Wings: $99.3 million

Endorsements: 2 of 3 on track ($17 million)

Projected Playoff Revenue: Yes

Projected Season Revenue: $89.6 million

Projected Season Expenses: $82.5 million

Projected 2021 Offseason Cash-On-Hand: $20.7 million


GM Mathias Lundgren has prioritized the present, amassing an arsenal of a roster in an effort to win big on the ice. An extended playoff run would be huge for Detroit, as would a 4% improvement on their luxury box seating numbers (an additional $11 million in endorsements hangs in the balance).


Columbus Blue Jackets: $96.7 million

Endorsements: 1 of 3 on track ($8 million)

Projected Playoff Revenue: No

Projected Season Revenue: $73.1 million

Projected Season Expenses: $59.3 million

Projected 2021 Offseason Cash-On-Hand: $33.6 million


GM Tommy Barr has taken his Blue Jackets squad into a rebuilding mode, shedding salary and reaping more income as a relation to costs as a result. Just 1.07% away from unlocking another $6.5 million in projected luxury box endorsement monies, Columbus is looking to the future and setting up a very solid financial base for the years ahead.


Seattle Kraken: $95.5 million

Endorsements: 1 of 2 on track ($4 million)

Projected Playoff Revenue: No

Projected Season Revenue: $69.4 million

Projected Season Expenses: $58.8 million

Projected 2021 Offseason Cash-On-Hand: $32.6 million


From the start, GM David Springgay has stressed patience in the Kraken's approach. Though Seattle has performed well - just a point away from a coveted playoff spot - Springgay doesn't appear to want to add tons of salary at this juncture. Though they could stand to improve their luxury box numbers to achieve that $6.5 million endorsement payout by season's end.


Ottawa Senators: $94.0 million

Endorsements: 2 of 3 on track ($11 million)

Projected Playoff Revenue: No

Projected Season Revenue: $75.6 million

Projected Season Expenses: $74.5 million

Projected 2021 Offseason Cash-On-Hand: $21.9 million


Not satisfied with his club's performance, Sens GM Mike Bell transformed his team's chances with some aggressive early-season trades. With more salary on the bottom line, a playoff run would be a huge boon for Ottawa - both in revenue from tickets and from an extra $3.5 million in endorsement payouts.


St. Louis Blues: $93.8 million

Endorsements: 1 of 3 on track ($6.5 million)

Projected Playoff Revenue: No

Projected Season Revenue: $70.6 million

Projected Season Expenses: $56.2 million

Projected 2021 Offseason Cash-On-Hand: $34.7 million


Like Seattle, Blues GM Todd Snider has decided to go the youth route, opting to build slowly around the #1 overall pick in the 2020 Entry Draft, Alexis Lafreniere. Despite being just a point out of a playoff spot today, there's no doubt this club is about tomorrow. And if Snider can nudge up his home attendance average by just 294 fans, he'll have another $8 million in tow from endorsement payouts.


Philadelphia Flyers: $91.6 million

Endorsements: 0 of 0 on track (opted out)

Projected Playoff Revenue: Yes

Projected Season Revenue: $71.7 million

Projected Season Expenses: $76.9 million

Projected 2021 Offseason Cash-On-Hand: $19.9 million


GM Eric Wolf took a big gamble for this season, opting out of endorsements all together in favor of optimizing their regular season financials. It's a delicate balance, as Philadelphia currently has the lowest attendance in the league at just under 13,000 fans per game. Fortunately, the Flyers are on pace to be a playoff team. Absent that, this team could be in some real financial trouble.


Carolina Hurricanes: $86.9 million

Endorsements: 1 of 1 on track ($4 million)

Projected Playoff Revenue: No

Projected Season Revenue: $68.0 million

Projected Season Expenses: $72.5 million

Projected 2021 Offseason Cash-On-Hand: $18.9 million


With just one endorsement deal (though it's on track for success), Canes GM Jay Williams opted to try to ride the regular season to financial solvency. Unless Carolina gets back on track in the playoff hunt, the club could be in some trouble at current salary levels, with several pending free agents and under $20 million in the bank heading into the 2021 offseason.


Florida Panthers: $86.6 million

Endorsements: 1 of 3 on track ($3.5 million)

Projected Playoff Revenue: Yes

Projected Season Revenue: $74.7 million

Projected Season Expenses: $73.2 million

Projected 2021 Offseason Cash-On-Hand: $22.9 million


GM Trevor Cook is fortunate that there is still time with 70% of the regular season left to get his endorsement deals back on track. $11 million in additional projected revenue hangs in the balance, and with potential playoff revenue to boot, it could put Florida in a very enviable position for next year.


Boston Bruins: $83.0 million

Endorsements: 1 of 3 on track ($8 million)

Projected Playoff Revenue: No

Projected Season Revenue: $74.4 million

Projected Season Expenses: $75.3 million

Projected 2021 Offseason Cash-On-Hand: $18.6 million


See Florida. New Boston GM Mike Ostrom has some time to get his luxury box endorsements (and possibly his playoff hopes) back on track. Otherwise, it could be a very lean few years ahead in Beantown.


Chicago Blackhawks: $80.6 million

Endorsements: 1 of 3 on track ($3.5 million)

Projected Playoff Revenue: Yes

Projected Season Revenue: $72.8 million

Projected Season Expenses: $70.1 million

Projected 2021 Offseason Cash-On-Hand: $22.3 million


GM Dan Bacon has a little bit of time, like Florida and Boston above, to get his endorsements in order. $14.5 million in endorsement payouts could be added, plus playoff revenue, with such adjustments. With a moderate payroll of just south of $65 million, the Hawks are decently suited to have their cake and eat it too.


Toronto Maple Leafs: $79.4 million

Endorsements: 1 of 3 on track ($8 million)

Projected Playoff Revenue: No

Projected Season Revenue: $73.0 million

Projected Season Expenses: $77.1 million

Projected 2021 Offseason Cash-On-Hand: $16.4 million


While the Leafs are just a point outside of a playoff position, they are perilously close to a financial cliff. An additional $6.5 million in added endorsement payouts are up in the air unless serious adjustments are made to their luxury box numbers. Otherwise, it'll be playoffs or bust (perhaps literally) for Toronto.


Vegas Golden Knights: $78.5 million

Endorsements: 1 of 2 on track ($4 million)

Projected Playoff Revenue: No

Projected Season Revenue: $67.4 million

Projected Season Expenses: $76.3 million

Projected 2021 Offseason Cash-On-Hand: $14.1 million


It may be time for Vegas GM Keith Evans to pull the plug on the current campaign. While very much still in the hunt (3 points from a playoff spot), the need to make the playoffs to generate additional revenue is imperative for the Golden Knights to remain competitive financially. Otherwise, a large-scale reduction in player salaries could be their only other option. Vegas can add $3 million in projected endorsement payouts with major changes to their luxury box figures, too.


New York Islanders: $77.2 million

Endorsements: 1 of 3 on track ($3.5 million)

Projected Playoff Revenue: Yes

Projected Season Revenue: $74.5 million

Projected Season Expenses: $77.9 million

Projected 2021 Offseason Cash-On-Hand: $17.2 million


The good news? The Isles are currently projected to be a playoff team. And they still have time to re-chart their ticket sales course, as $14.5 million in added project revenue could be had in reaching their other two endorsement deals. The bad news? If neither come to fruition, the Islanders will have some tough decisions to make on the financial front.


Dallas Stars: $76.2 million

Endorsements: 1 of 3 on track ($4 million)

Projected Playoff Revenue: No

Projected Season Revenue: $70.5 million

Projected Season Expenses: $75.7 million

Projected 2021 Offseason Cash-On-Hand: $15.7 million


GM Marc-Andre Laberge is just 1.32% away from projecting to unlock $6.5 million in additional luxury box endorsement monies. Dallas will need that revenue if they are unable to strike back in a heavily competitive Western Conference playoff race.


Nashville Predators: $71.7 million

Endorsements: 1 of 3 on track ($8 million)

Projected Playoff Revenue: No

Projected Season Revenue: $72.5 million

Projected Season Expenses: $77.8 million

Projected 2021 Offseason Cash-On-Hand: $14.7 million


Similar to the Islanders above, GM Scott Davidson has the potential to realize additional revenue from endorsements ($6.5 million from increase luxury box attendance). However, if the playoffs aren't to be had this season, Nashville will need to shed salary in order to cushion the rough financial hit of a tough season in Country Country.


San Jose Sharks: $70.1 million

Endorsements: 0 of 3 on track ($0)

Projected Playoff Revenue: No

Projected Season Revenue: $65.4 million

Projected Season Expenses: $67.9 million

Projected 2021 Offseason Cash-On-Hand: $19.2 million


New Sharks GM Joe Larson has had his work cut out for him after San Jose's rough start - both on and off the ice. It's not too late on the financial front, but drastic work on the ticket-sale side of the equation will be needed to re-orient the club towards at least $11 million in potential endorsement revenue. (Bold trades have put the Sharks back in the playoff hunt, too)


Anaheim Ducks: $66.3 million

Endorsements: 1 of 3 on track ($4 million)

Projected Playoff Revenue: No

Projected Season Revenue: $68.0 million

Projected Season Expenses: $79.5 million

Projected 2021 Offseason Cash-On-Hand: $4.8 million


There is no sugar-coating this: Anaheim is in trouble financially. While the Ducks remain competing for a playoff spot, the $74.75 million payroll coupled with being far off track on luxury box endorsement revenue means GM Michael Stafford must decide soon if a sell-off is needed. A playoff miss with the current lineup would be a huge blow for this franchise.


New York Rangers: $55.8 million

Endorsements: 0 of 3 on track ($0)

Projected Playoff Revenue: No

Projected Season Revenue: $68.5 million

Projected Season Expenses: $78.3 million

Projected 2021 Offseason Cash-On-Hand: $10.8 million


While this placement looks bleak, there's still opportunity for a Rangers turnaround on the financial front. If serious adjustments are made on the attendance and luxury box front relating to endorsements, and the club makes the playoffs, things will look a lot better in the Big Apple. However, the risk in failure is large, as GM Sean McAndrews could be left with just over $10 million in the war chest come next offseason.


Tampa Bay Lightning: $46.2 million

Endorsements: 0 of 3 on track ($0)

Projected Playoff Revenue: No

Projected Season Revenue: $64.6 million

Projected Season Expenses: $82.9 million

Projected 2021 Offseason Cash-On-Hand: $1.6 million


Similar to Anaheim, GM Tyler Hetherington has pushed his Lightning payroll to the very brink of the salary cap ($74.9 million). The results on the ice have been uneven, though there's plenty of time for that to work itself out. $11 million in potential endorsement revenue sits waiting on the attendance and luxury box front, which is vital to this club turning their financial future around. The decision to stay the course and hope for playoff revenue versus a sell-off to recoup potential losses will need an answer soon as well - an incorrect gamble could put Tampa Bay in some extremely choppy financial waters.

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