2023 Franchise Valuations Released By Sportico
Sportico has released their 2023 NHL Franchise Valuations, and the owners of the Blue Jackets should be very happy.
According to Sportico, the Columbus Blue Jackets have the 3rd highest increase in value from 2022 to 2023, a whopping 47%. Only the Carolina Hurricanes and Florida Panthers have a higher increase. Both of those teams have had recent success, with Florida going to the Cup final just this past season, and Carolina being a mainstay at the top of the Metro the last few seasons.
Columbus on the other hand, hasn't had much success at all since the calendar turned over to 2020. They did beat Toronto in the playoff bubble in a five-game series but lost to Cup-winning Tampa that year. Since then, however, it's been tough. 2022-23 was obviously a low point due largely in part to injuries, but they did end up with Adam Fantilli, so there's that.
Sportico values the CBJ at $880 million, good enough for 31st in the NHL. In 2022, they were valued at $600 million, and in 2021 it was $525 million. It's clear that the NHL is growing. By 2025, the Jackets should be valued at over a billion dollars. The McConnells paid $80 million for the team when they were granted an expansion team that began play in 2000.
Also of note, team revenue for 2022-23 came in at $140 million. Compare that to $129 million from 21-22 and just $54 from 20-21, it's a sign that teams are coming back after a couple of COVID years that were dragging the league down. In comparison, the top team in the league for revenue is Toronto, at $327 million.
Fans of the Blue Jackets are loyal and deserve a winner. Fans from all over the state, and even neighboring states, travel to Columbus to watch the Jackets play. In many people's views, the team doesn't do enough marketing outside of Columbus. Cleveland is the home of their AHL affiliate, the Cleveland Monsters, and should be a "second home" to the Blue Jackets in terms of marketing.
Cincinnati has been called a hockey hotbed as well at times. Home of the ECHL's Cincinnati Cyclones, and once a team that Justin Danforth played for, Cincinnati also draws from Kentucky. The CBJ have fans who travel from Kentucky to CBJ games all the time.
The state of Ohio also has hockey at Ohio University, Miami University, Bowling Green State, Ohio State Men's and Women's hockey. Ohio has a ton of lower-level college hockey teams as well.
Ohio also has the Toledo Walleye of the ECHL to go with the Cyclones, but Columbus isn't too far from Wheeling WV, which has the Nailers of the ECHL and the Ft Wayne Komets in Indiana of the ECHL as well.
The growth potential for this franchise is unlimited. Why aren't Adam Fantilli, Zach Werenski, and Elvis Merzlikins on every billboard in Columbus? Fantilli is doing car commercials, and Werenski has his commercials with Jets Pizza, so that's a start. The local sports radio station and flagship home of the CBJ, 97.1 The Fan, has had CBJ-related interviews every day since the start of the season, which is different and fans love it. With untraditional market teams like Columbus, they have to throw the kitchen sink at marketing, and that has been a complaint of fans over the years, not enough marketing. There is a CBJ Bar Network where fans can go and watch every Jackets game, but a lot of fans have no idea about this. The bottom line is, fans need to hear about the team constantly, so they don't become an afterthought.
There is only one way this franchise can go, and that's up.
Join Jason Newland's Columbus Blue Jacket page on Bunches, a new app that connects sports fans. Also, you can watch a new YouTube game show about the Blue Jackets, Around the Fifth Line.