The Maple Leafs lead the next most valuable team by $200 million, according to sports business publication Sportico.

There's no doubt that hockey is becoming increasingly popular and according to Sportico, that has reflected in a massive increase in NHL franchise valuations across the board.

The Toronto Maple Leafs have historically been at or near the top of the list when NHL valuations come out and that's no different here. The club has swelled to a valuation of $2.65 billion, representing a 25 percent increase over their number from last year.

Sportico says they calculated each team’s revenue, relying on publicly available information and financial records—as well as interviews with those knowledgeable of team finances.

The NHL saw new valuations across to board thanks to some new transactions around the league.

In September, Michael Andlauer closed on his purchases of the Ottawa Senators for $950 million. 

In June, the Tampa Bay Lightning sold a minority interest in their company at a $1.4 billion valuation. 

The Maple Leafs' $2.65 billion valuation is just for the franchise. Parent company MLSE recently saw its valuation swell to $8 billion after minority owner Larry Tanenbaum sold a 20 percent stake of Kilmer Sports Inc. to Ontario pension company OMERS for $400 million. That led to OMERS taking a 5 percent indirect stake in MLSE.

As a result, the average NHL franchise valuation is at $1.31 billion with the Arizona Coyotes coming in last at $675 million, mostly due to the fact that they don't have an NHL-equipped home building.

The complete list of all 32 NHL valuations by Sportico can be found here.  

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