RALEIGH, N.C. -- The NHL continues to experience record growth on a year over year basis, Commissioner Gary Bettman indicated in his State of the League press conference before Game 1 of the Stanley Cup Final on Tuesday.
Commissioner Bettman said the NHL's revenue valuation this season is currently between $7.5 billion and $8 billion, give or take on either end.
The revenue growth is a result of the League having more than 75 corporate sponsors, a list that will expand with imminent signings, record ratings from national media rights partners in the United States and Canada, and gate receipts that are 96 percent to capacity in the regular season and over 100 percent in the Stanley Cup Playoffs, among other areas that have the business booming.
"Every platform, every source of revenue is growing," Commissioner Bettman said. "It's going to be even better next year because the new media deal in Canada kicks in."
In the U.S., viewership on ESPN/ABC for the playoffs has been remarkably robust, including the most-watched Western Conference Final since 2015 despite a four-game sweep by the Vegas Golden Knights against the Colorado Avalanche.
The four games on ESPN averaged 2.2 million viewers, up 44 percent from the Western Conference Final last year between the Edmonton Oilers and Dallas Stars, which was on ESPN and went five games.
ESPN also had the most-viewed first and second rounds of the playoffs since becoming a national rights holder in 2021-22.
"For us, I think we're experiencing a particular moment in time," the Commissioner said. "The game has never been better, never been more competitive. The 4 Nations (Face-Off) followed by the Olympics I think has had an impact. Things like 'Heated Rivalry' and 'Off Campus' -- I binged that one recently too -- have been great. I think we're experiencing a moment in time where our players and our game are truly getting the recognition that they deserve and it's being reflected in engagement by fans; current hockey fans watching even more and sports fans, casual fans coming to give us a look, liking what they see and coming back."
The recent run of viewership data bodes well for the future U.S. media rights deals that the NHL can begin negotiating next year. The current seven-year agreements with Warner Bros. Discovery (TNT/TBS) and The Walt Disney Company (ESPN/ABC) continue through the 2027-28 season.
"I am excited about those prospects based on how well we're performing," Commissioner Bettman said. "For those of you who haven't been keeping track, our ratings this season are up materially double digits, multidouble digits, and that's a good sign showing fan engagement and kudos in the U.S. to our partners who have helped us achieve that. We have exclusive negotiating periods that don't begin until next calendar year, and while there have been some casual discussions, we're not at the point where we're in firm negotiations. We will respect the rights that are in the contract and if things materialize sooner, great, but if not we're more than prepared to go through the usual routine of dealing with an exclusive negotiating period which both Turner/WBD and The Walt Disney Company, ESPN and ABC have at the same time."
Commissioner Bettman also said the League is in active negotiations to finalize a new media rights agreement to broadcast games in French in Canada. The current 12-year agreement that gives TVA Sports the national rights expires after this season.
"It continues to be a work in progress," he said. "The media markets are fairly complex these days as they evolve. I am confident that there will be robust distribution of our games on a French-speaking platform when we get to next season. I'm not concerned about that. What it looks like we continue to work on."
The Commissioner said the delay in finalizing an agreement has to do with the complexities of the ever-changing media landscape.
"I think in the not-too-distant future it'll be resolved," Commissioner Bettman said, "but the end result isn't something fans should be concerned about because we are committed to making sure our games are available as broadly as possible on as many platforms as possible to reach our fans."
The NHL also continues to draw interest in expansion from various markets, but Commissioner Bettman contends the League is not yet interested in engaging in a formal expansion process.
"I think it's strong," the Commissioner said. "There are, and you've heard me say it repeatedly, a number of places and people who are interested in it. We're not ready to expand yet but we are exploring those expressions of interest."
Here are some of the other topics broached during the press conference featuring Commissioner Bettman and NHL Deputy Commissioner Bill Daly:
- Daly said the NHL is monitoring the International Ice Hockey Federation's stance on Russian involvement in tournaments for the 2026-27 season and will use that as a guide in determining if Russia will be allowed to participate in the 2028 World Cup of Hockey.
Daly said he met with representatives from the IIHF on Tuesday and they told him that they currently do not feel there will be a protest in the form of a boycott from other countries already set to participate in it -- namely Sweden, Finland and Czechia -- if Russia is involved.
"But, again, we're getting a little too far ahead of ourselves because they (the IIHF) haven't made any determinations with respect to whether any of the international tournaments scheduled for '26-27 the Russians are going to participate in," Daly said. "So, obviously, again, we're going to monitor what goes on there. We're not going to be bound by it, but we're going to monitor it and it'll be relevant to determining our process in determining the World Cup of Hockey."
- Daly said the NHL backs the Golden Knights when it comes to the decision to not permit former coach Bruce Cassidy to talk to other teams about their coaching vacancies.
Cassidy was replaced by John Tortorella on March 29, but his contract is binding through next season and any team that wants to interview him for its vacancy must first get permission from the Golden Knights, who have said they are not prepared to grant it while still competing in the playoffs.
"Obviously, we don't find it unreasonable because we're allowing it to happen," Daly said. "I do think Vegas is clearly in their contractual rights to do what they're doing. I also and we also understand and appreciate that they're on a Stanley Cup run right now, and they don't need the distractions necessarily of a coach signing somewhere else. So, we'll get to the end of the season and we'll see where we go from there."
Daly said the NHL has been in contact with Cassidy about the situation.
"So, he knows what our position on the subject is," Daly said. "He might not be happy about it but he was accepting of it. We'll see where we go from there."
- Commissioner Bettman said he believes the League's decentralized NHL Draft format, which features teams conducting the draft from their home markets, will continue beyond this year.
The 2026 Upper Deck NHL Draft will take place at KeyBank Center in Buffalo on June 26-27. It's the second year the League will use the decentralized format after doing so for the 2025 NHL Draft in Los Angeles.
"Unless we hear from a lot of clubs that they want to make a change, which is how the change came about in the first place, I don't see the need to poll every year," Commissioner Bettman said. "If a bunch of clubs call Bill and I and say, ‘We'd like to go back,’ then we'd do that. But I don't anticipate that. I think the clubs like the format. We intend to put on a big event with the prospects and engage the community that we're in. We're expecting a big turnout. The clubs are more comfortable, particularly with more and more people involved behind the scenes in the draft, in doing that way. We're OK with that. If that's what's most efficient for our clubs and we can still put on an event we'll be fine, and we promise we're going to make the first round a little more efficient like we did last time."
- The NHL is not in favor of the NCAA's proposal that would allow student-athletes to compete for five seasons within a five-year window, a sweeping change from the current loosely enforced model of four seasons of competition within a five-year window.
In April, the NCAA Division I Board of Directors directed its cabinet to look further into the five-for-five, age-based format. The eligibility clock for players would start when they graduate high school or their 19th birthday, whichever comes first.
The majority of NCAA Division I hockey players begin their collegiate careers after their 20th birthday, which would limit their eligibility.
"We're not in favor of the change and we've made the NCAA aware of it," Daly said.
The NHL is aligned in its stance against the proposal with the Canadian Hockey League, the United States Hockey League, USA Hockey and the American Hockey Coaches Association, Daly said.
"All raised concerns," he said. "So, we've made the NCAA aware of those concerns and what it might do to the development of players in North America. We had an opportunity to talk to the NCAA directly last week. They have committed to keeping us in the loop with respect to their process and where they're going. (NCAA) President (Charlie) Baker told me that he would keep me informed and he had some ideas that might be applicable to our situation. He did stress that he doesn't like sport-specific solutions and felt there may be a number of other college sports that would be able to make the same arguments. So, we'll see where it goes."
