The Maple Leafs are the only NHL team on Forbes's list of the 50 most valuable franchises in sports, checking in at No. 26.
According to Forbes, the Leafs are worth $1.15 billion US and have been the most valuable NHL team since 2005, despite making just one playoff appearance in that time.
Real Madrid of soccer's La Liga is No. 1 at $3.44 billion.
The New York Yankees are the top North American team on the list, fourth at $2.5 billion.
The world's most valuable sports teams: 1. Real Madrid 2. Barcelona 3. Manchester United More: http://t.co/BSqj9ce8d1— Forbes (@Forbes) July 16, 2014
Despite being in the process of selling for $2 billion, the NBA's Los Angeles Clippers did not make the list, which finished with AC Milan at No. 50 and $856 million. NBA commissioner Adam Silver forced Donald Sterling to give up ownership of the team following racist remarks that surfaced this past spring.
In his annual state of the league address before Game 1 of the Stanley Cup final, NHL commissioner Gary Bettman said the Clippers sale represented a unique situation.
"That may be a function of the uniqueness of the L.A. market," Bettman said in June. "It may be a function of the uniqueness of the people who live in L.A. who wanted to own the franchise.
"It may be a function of the person who decided to buy it and his own particular circumstances.