Please note that this analysis was completed using data from the annual Forbes magazine surveys of NHL franchises. It covers data from the beginning of the 1997 season through the end of the 2004 season, as Forbes has not completed any surveys on the NHL since then. My methodology was to add net operating income for those seven years to the change in franchise values over that same time period, thus arriving at return on investment (ROI). Here's what I found (all figures in US dollars): Toronto: + $255 million Dallas: + $143 million Boston: + $117 million Colorado: + $113 million Philadelphia: + $100 million Los Angeles: + $89 million NY Rangers: + $83 million Minnesota: + $83 million Montreal: + $76 million Chicago: + $71 million Edmonton: + $51 million San Jose: + $36 million Pittsburgh: + $35 million NY Islanders: + $34 million Tampa Bay: + $34 million Calgary: + $32 million Nashville: + $30 million Ottawa: + $22 million Columbus + $16 million Detroit: + $13 million Vancouver: + $11 million New Jersey: - $7 million Atlanta: - $7 million Florida: - $11 million Phoenix: - $12 million Buffalo: - $42 million Carolina: - $58 million Anaheim: - $59 million St. Louis: - $96 million Washington: - $138 million Please note that I know nothing about how Forbes made their calculations regarding either the franchise values or operating income. Also note that due to the lockout and missed season, it is likely that all franchises values have decreased since the end of the 2004 season, as well as that most owners could have made anywhere from $15-30 million dollars risk-free during the same seven year period just by putting their money in CD's. Therefore, my conclusion is that the NHL has been a good investment for the onwers of the top eleven franchises on the list (Toronto through Montreal), an break-even investment for the six middle franchises (San Jose through Nashville), and probably a losing investment for the bottom thirteen (Ottawa through Washington).