Just remember this is the VALUE OF THE FRANCHISE. Not payroll. It includes revenues from ticket sales, concessions...quality of the venue...etc. This is what is the determined to be the cost of the team if it was up for sale.
Are intangibles factored in? I mean, when you value an ongoing business enterprise, you include things like "goodwill" and intellectual property values and things like that. I am sure "original six" franchises have a lot more of this intangible value than, say, the Columbus Blue Jackets.
Interesting question...the Habs and Bruins certainly have a lot more historical value than the Sunbelt Sweaty Dogs, but that kind of thing inherently defies valuation. Merchandise sales don't really reflect that either. Market valuation of sports teams is an especially fuzzy area, since there are probably more people willing to support unprofitable but storied "trophy" teams than other types of businesses.
