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Forbes magazine has ranked the Toronto Maple Leafs as the most valuable NHL franchise with a worth of $521 million.

Forbes says the average team value hit a record $240 million.

However all is not perfect with the league as operating income fell 21 percent due to rising player salaries and 18 of the 30 teams are losing money.

The New York Rangers are second on the Forbes list at $507 million with the Montreal Canadiens third at $445 million.

While over half the league fails to turn a profit, teams in big-time markets like Toronto and New York are enjoying a surge in their value with increased revenue from ticket sales and money pouring in from cable television contracts.

Detroit came in fourth on the list at $336 million followed by Stanley Cup-champion Boston in fifth at $325 million.

Chicago was sixth with Vancouver, Philadelphia, Pittsburgh and the Los Angeles Kings rounding out the top 10.

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