Forbes Magazine says the value of the Ottawa Senators has increased 18 per cent.

Forbes has released its annual report on the value of all 31 NHL franchises.  Forbes says NHL team values are up 15 per cent over last year to an average of $594 million.

The report estimates the Senators are worth $420 million U.S., up from $355 million last year.

The Senators rank 20th in the NHL and sixth out of seven Canadian teams. 

The New York Rangers are the NHL’s most valuable team, worth $1.5 billion. The Toronto Maple Leafs are second at $1.4 billion, followed by the Montreal Canadiens at $1.25 billion.

Forbes says the seven Canadian teams were assisted by the increase in the value of the Canadian dollar versus the U.S. dollar from the 2015-16 season.

Last week, TSN Hockey Insider Darren Dreger quashed rumours the Ottawa Senators were for sale.  Dreger told CFRA’s the Morning Rush that “Eugene Melnyk, in the moment, is not interested in selling the Ottawa Senators.”