National Hockey League Commissioner Gary Bettman says he believes NHL teams are still being undervalued.

That is despite the average NHL team value reaching $2.2 billion, a 15% jump from last year, according to CNBC's Official NHL Team Valuations , published on Tuesday.

The Toronto Maple Leafs top the 2025 CNBC list at a $4.3 billion value, but Bettman says that is still underselling the league's most richly valued team.

"If you were to put the Toronto Maple Leafs on the market on their own, they would sell for far more than a $4.3 billion valuation," said Bettman in an interview on CNBC's "Squawk Box" on Tuesday morning. "But it's okay, because we are up over 100 percent over the last three years, so I think we are getting some credit."

Bettman added that there are a number of mar

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