The NHL is a good investment….

National Hockey League – CBS SportsLine.com:

But for those who scratch a little deeper, NHL franchises have clearly become attractive properties, fetching sale prices that defy logic. In the last couple of weeks alone, two franchises sold for premiums considerably above their appraised values, and a third team’s owners rejected a bid from someone willing to pony up the same way.

From the outside, it has tended to come across as irrational behavior. But to experts in sports economics, the recent surge of interest in NHL franchises is being interpreted as shrewd, calculated investment strategy that is likely to be emulated by others.

“The fundamentals that we’re being told about these teams certainly don’t support the sale prices we’re seeing, but the numbers don’t lie,” said John Vrooman, a Vanderbilt University economics professor who specializes in professional sports franchise valuations.

“The true value of a team is reflected more in the purchase price than it is in the rhetoric. Owners always poor mouth and say they’re losing money, yet these franchises appreciate at rates that make them a high-performing investment, way beyond what we would think.”

(hat tip: kukla)

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