The New Jersey Devils brass must be very happy with their current valuation. The team skyrocketed in value with the rest of the NHL.
For years, New Jersey Devils fans were forced to sit through fair weather fans calling the team useless. Saying things like “there doesn’t need to be a team in New Jersey” and complaints they were the little brother of the New York-Metropolitan area. For years, when people would talk about NHL contraction, the Devils were on the list. Even worse, when analysts looked for a team to move, New Jersey was their go-to option despite the fact Arizona exists.
The latest Forbes NHL team rankings proves that New Jersey is a great hockey town that makes it more than possible to grow the fanbase.
The Devils ranked 21st on the list of all franchises. That number may not get fans excited, but it should. It should especially get them excited when you think about the huge bump the Devils received this year alone.
The Devils franchise was valued at $400 million. 365 days ago, this team was valued at $325 million. Josh Harris and the rest of the Devils owners added $75 million to the team’s valuation in just one year. That’s insane for any business to add 25% to the valuation of a business that’s been around for 35 years.
The addition of Nico Hischier and the emergence of Taylor Hall is only helping this team’s evaluation. Having players that other teams fans can root for helps revenue immensely. After Ilya Kovalchuk ran to the KHL, the Devils didn’t really have a player that fans outside of New Jersey wanted to represent. Nobody was buying Travis Zajac jerseys, but I’m sure Hischier and Hall jerseys can be found in the best collections.
The team does have a lot of debt, which can be worrisome (40%), but much of that has to do with how recently the team was sold and the debt of the Prudential Center. In the end, it’s still not the debt of the New York Islanders.
Speaking of the Islanders, the Devils find themselves ahead of their fellow Metro area team. Obviously, turmoil with the team’s arena is not helping matters.
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Harris bought the Devils back in 2013 for $320 million. Since then, the Devils stayed pretty stagnant in valuation. While fans complained about ticket prices going up and a lousy on-ice product, the owners were trying to figure out how to make this team more valuable. It seems all their moves are finally working.
The Devils fans have come out of the woodwork thanks to the on-ice play. Having a team fighting for first place in the division will bring the fans back out. If the Devils make the playoffs this season, the team will go up in valuation again.
Obviously, this team will never see itself in the top of the league. But hey, the New York Rangers have to win something.