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(EMAILWIRE.COM, February 22, 2013 ) San Francisco, CA -- With a shortened NHL season finally underway and in full swing, a new report shows just how much damage was rendered to the sport and the league due to the lockout.
According to new reports released by the branding consultancy company Brand Finance Canada, the lockout has caused the NHL brand value to drop by over $300 million to a $1.56 billion.
To compare the league to its contemporary competitors, the NFL's brand worth is the largest in North America when it comes to sports, and sits at $9.1 billion, with Major League Baseball at $4.4 billion. The NBA sits in the No. 3 spot with a value of $2.7 billion.
The report has determined that the value of each team's brand is based upon each team's revenue and potential for further revenue in the future.
"The NHL now has a 20-year history of creating periods of lost revenue during its lockouts, and in each case the NHL brand value has been slow to return before rising again,” said Edgar Baum, managing director of Brand Finance Canada, in a statement.
The report noted that the lockout helped facilitate and grow resentment toward the league, leaving the teams to regain their own fans' trust. The report seemed to highlight the imbalance between the most valuable teams in the league, when compared to the least, noting that it places onus of rebuilding only a smaller portion of teams.
Teams with particular small markets in the United States have been forced to slash prices to compensate for the loss in interest, in an attempt to get back fans. According to Baum, it is an issue of balance, and the Top 10 NHL franchises are worth nearly 55% of the league's overall value. The bottom 10 teams do not account for more than 20% between them.
"What remains to be seen is how long the resentment — and diminished valuation — will last," Baum says.
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Benjamin Wrights
4157669098
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Source: EmailWire.com
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