Over at Sportico, a site dedicated to the business of sports, they’ve put together their National Hockey League franchise valuations. Sportico has estimated the Calgary Flames’ franchise at $870 million, 19th among the NHL’s 32 franchises.

Sportico’s methodology for franchise values is essentially making their best bet based on reported and estimated revenues, recent franchise sales, and by consulting lawyers and bankers who worked on NHL transactions.

Seemingly the best barometer for a franchise’ value? Their revenue. Sportico’s analysis noted that the reported sale price for the Nashville Predators, $775 million, was roughly 4.7 times their estimated revenue. The reported sale price for the Pittsburgh Penguins, $900 million, was also 4.7 times their estimated revenue. The Flames’ $870 million valuation is about five times their estimated $174 million revenue from 2021-22.

Here’s how the other six Canadian clubs stack up on Sportico’s list:

The average franchise valuation is $1.01 billion based on Sportico’s estimates.