Cablevision's New York Rangers most valuable NHL team

Long Island Business News, Nov 19, 2004 by LIBN Staff

The New York Rangers have not been No. 1 in the standings lately, but they are tops among National Hockey League franchises in team value, according to Forbes magazine.

Despite the ongoing NHL lockout, Forbes set the team's value at $282 million. Bethpage-based Cablevision Systems bought the team in 1997 for $195 million.

The New York Islanders, owned by former Computer Associates executives Charles Wang and Sanjay Kumar, were rated No. 12 with a valuation of $160 million. That's $28 million less than what the co- owners paid for the franchise in 2000.

Gate receipts for the Rangers were $42 million versus $27 million for the Islanders, according to the study. The owners of both teams, however, have benefited from cable TV deals. Rangers games fill key programming slots for Cablevision's cable networks, including Madison Square Garden Network.