THE BUSINESS OF HOCKEY
NEW ENGLAND SEA DOGS
Team Value
$2.26 B
Team value, as calculated by
in December 2023
At a Glance
Owner:
Championships:
Price Paid:
Year Purchased:
Revenue:
Operating Income:
Banners:
Jersey Retirements:
Player Trophies:
GM of the Year Awards:
Attendance to Capacity:
2
$99 M
2008
$372.54 M
$105.78 M
6
6
7
2
107.60%
2021
Write up to come
2020
Write up to come
2019
The Sea Dogs are working on a streak of 8 consecutive seasons making the Fifty Mission Cup playoffs and a 63-week sellout streak across two separate venues (in State College and outside of Providence). The franchise also hosted a very successful NHFL draft in 2019. So, despite leaving the end-of-season banner and awards ceremonies empty handed for a third consecutive season, the franchise saw solid growth as measured by most metrics.
The transition from 2017 to 2018 was a challenging one for the Sea Dogs as far as Forbes' evaluation criteria are concerned. A freeze in franchise value, and a decrease in revenue and operating income put one of the storied NHFL franchises in a precarious position. One year later and all fears have been quelled - after finishing in 5th or 6th place in each of the previous 3 seasons, the Sea Dogs are leading the Legends division at the turn of the calendar year, and have enjoyed a rebound year on the bottom line as well with approximately league average growth across the board.
5th in total valuation, 5th in operating income, 7th in total revenue, three recent weeks reaching the maximum attendance capacity of 100%: it's been quite a turnaround for the Sea Dogs franchise, and there is ample optimism to expect the good times to continue as three of the top four scorers in the entire NHFL call New England their current home.
2018
A relocation from Pennsylvania to Massachusetts, a rebranding from the well-know 'MML' to the 'Sea Dogs', and a 7th straight playoff appearance weren't enough to move the needle of the franchise valuation professionals for the team from New England. The Sea Dogs failed to add to their banner haul or trophy case in 2018 and have seen their average attendance figures drop for a 3rd consecutive year (operating at 109.48% capacity in the 2016-17 season, dipping to 106.23% last season, to now filling their arena at a 102.35% clip to capacity). All of that adds up to an arena that is filling to what should be considered an impressive rate of 104.4% to capacity in 2018 - good for 4th in the NHFL - but feels low, especially for a storied Original Six franchise like the Sea Dogs.
The franchise valuation stagnated from 2017 to 2018, due in part to the fact that the team went home empty handed in 2018 in the banner and award categories - failing to raise anything to the rafters, or net any hardware for the second consecutive season. While that may be the norm for other franchises, it is certainly abnormal for the Sea Dogs.
Piling on, the Sea Dogs experienced decreases of 1.58% and 2.55% in revenue and operating income, respectively - the only NHFL team to suffer a drop in both metrics. All of this will likely be rectified in 2019, as New England is set to host the 12th NHFL draft which should help the recently relocated franchise gain a foothold with the local fanbase.
2017
One of the more storied franchises in NHFL history, State College MML's valuation is a reflection of the team's success on the ice: two Fifty Mission Cup championships in the last six seasons and the best regular season record in another one of those seasons, and their success off the ice: rostering a league MVP and retiring a pair of jerseys. The new Ivory Tower that State College calls home has been a boon to the team's worth, as has their notable sponsorship deals. Before those assets were secured, this was a franchise that was toiling in the bottom-3rd in league revenue and operating income.
Now, State College MML's attendance is in contention for the league's most healthiest, as the team capped season ticket sales at 17,000 with a waiting list of 6,000. After a rare sub-.500 year in 2016-17, State College is once again posting a strong W-L record, which is driving attendance figures even higher.