TORONTO (AP) — The New York Rangers are the NHL’s most valuable franchise for a fourth consecutive year, according to Forbes.

The Rangers top the annual list of franchise valuations at $1.55 billion, up 3 percent from last year.

The Toronto Maple Leafs are second at $1.35 billion, and Montreal Canadiens third at $1.3 billion, 4 percent increases for both clubs.

Original Six clubs make up the top five, with the Chicago Blackhawks fourth at $1.05 billion and the Boston Bruins fifth at $925 million. The Detroit Red Wings are not far behind in eighth ($775 million) and have seen an 11 percent increase thanks to a new downtown arena.

Los Angeles (sixth, $810 million), Philadelphia (seventh, $800 million), Vancouver (ninth, $735 million) and Washington (10th, $725 million) round out the top 10. The Capitals enjoyed a league-best 16 percent boost with their first Stanley Cup title.

The Vegas Golden Knights are 12th at $575 million after reaching the Cup final as an expansion team.

At the other end of the list are the Florida Panthers (30th, $295 million) and Arizona Coyotes (31st, $290 million). The clubs were the only two to lose value according to Forbes, down 3 percent each.

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