The average value of NHL teams has increased, although the overall numbers mask struggles for many teams.

Forbes magazine's annual report released Wednesday found that the average franchise was worth US$228 million, up two per cent from last year. But nearly half of the league's teams -- 14 of 30 -- saw their values decline.

The Toronto Maple Leafs remain No. 1 at $505 million US.

The changes in value highlight the gap between the haves and have-nots. Large-market franchises such as the New York Rangers ($461M), Montreal Canadiens ($408M), Boston Bruins ($302M), Philadelphia Flyers ($302M), Chicago Blackhawks ($300M) and Vancouver Canucks ($262M) had their values increase by double-digit percentage points.

The Rangers, Canadiens, Detroit Red Wings ($315M) and Bruins round out the top five.

The Calgary Flames ($206M) were ranked 13th, the Ottawa Senators ($196M) were 17th, and the Edmonton Oilers ($183M) were 20th.