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New York Rangers players celebrate a win over the Chicago Blackhawks, at the United Center, in Chicago, Ill., on Dec. 07.Jonathan Daniel/Getty Images

The New York Rangers are the National Hockey League’s most valuable franchise for a seventh consecutive year and the first worth US$2-billion, according to the annual list published by business magazine Forbes on Wednesday.

The Rangers have missed the playoffs in three of the past four NHL seasons, but their value shot up 21 per cent compared with last year, and they are worth more than double the average value of the league’s 32 teams.

The Toronto Maple Leafs (US$1.8-billion), Montreal Canadiens (US$1.6-billion), Chicago Blackhawks (US$1.4-billion) and Boston Bruins (US$1.3-billion) rounded out the top five.

Forbes said the average NHL team is now worth US$865-million, an increase of 32 per cent from last year that marks the biggest year-over-year rise since the 50-per-cent gain in 2013.

The jump in average team value is due in large part to seven-year U.S. media deals with ESPN and Turner that began this season and will pay the NHL an average of US$625-million a year, according to Forbes.

The expansion Seattle Kraken, who paid a US$650-million fee to enter the NHL, are 13th on the list and valued at US$875-million on the back of strong ticket sales in their inaugural season.

The reigning Stanley Cup champion Tampa Bay Lightning (US$650-million) was 20th on the list and the Arizona Coyotes (US$400-million) were the lowest-valued team.