The Washington Capitals have cemented their position as one of the most valuable teams in the NHL with a valuation of $2.1 billion, according to CNBC鈥檚 official 2024 NHL valuations.
The franchise鈥檚 strong financial standing highlights the NHL鈥檚 ongoing growth, which has seen significant revenue increases in recent years.
The Capitals generated $246 million in revenue during the 2023-24 season, with an EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of $79.3 million. The team鈥檚 debt is relatively low, representing just 9% of its total value, underscoring its financial stability.
Importantly, the team鈥檚 arena reportedly generates as much as $65 million in annual tax revenue for the District and has generated at least $800 million in cumulative tax revenue for the city since it opened.
Further, the average visitor to the arena spends about $267, supporting local businesses.
鈥淒.C. is the Sports Capital. We know how important sports are to our city鈥檚 economy and culture,鈥 Mayor Muriel Bowser said in an earlier, unrelated statement. 鈥淭hey create jobs, generate tax revenue, and spur economic development. But sports also create a lot of pride in our city, they bring people together, and we look forward to continuing to support our teams in ways that benefit our city and residents and help knock D.C.鈥檚 Comeback out of the park.鈥
The NHL’s Financial Boom
The NHL鈥檚 overall health is reflected in the league鈥檚 record revenues for the 2023-24 season, which totaled $6.3 billion 鈥 a rise of 8.6% from the previous year. Contributing factors include a hard salary cap, a robust revenue-sharing system, and new media deals. Leaguewide, teams are achieving greater profitability, with an average revenue of $223 million and an EBITDA of $45 million.
The Capitals鈥 revenue places them above the league average, emphasizing their appeal in a competitive sports market like Washington, D.C.
Additionally, the team鈥檚 home venue, Capital One Arena, with a seating capacity of 18,506, remains a key driver of gate receipts, part of the NHL鈥檚 record-setting $2.4 billion in regular-season ticket sales.
A Franchise With Vision
Under the ownership of Ted Leonsis, who purchased the team in 1999 for $85 million, the Capitals have grown into a financial and competitive powerhouse.
The team delivered a Stanley Cup championship to D.C. fans (2018) and remains a playoff contender.
Despite their early exit in the first round of the 2023-24 playoffs, the Capitals continue to thrive financially, a sign of resilience and a strong fan base.
Comparisons Among the NHL Elite
The Capitals rank ninth in valuation among the NHL鈥檚 32 teams. Leading the list is the Toronto Maple Leafs, valued at $4 billion, followed by the New York Rangers at $3.5 billion, and the Montreal Canadiens at $3.1 billion. Washington鈥檚 Metropolitan Division rival, the Philadelphia Flyers, sits just ahead at $2.25 billion.
The Capitals鈥 valuation reflects not just the franchise’s success but also the growing prominence of the NHL, particularly in markets like Washington, where hockey continues to attract dedicated fans and generate substantial revenue.
Analysts said with the league鈥檚 upward trajectory in sponsorships, ticket sales, and media revenue, the Capitals are well-positioned to maintain their status as one of the NHL鈥檚 most valuable teams, ensuring hockey remains a staple of the Washington sports scene.