The Columbus Blue Jackets remain flat at $1.4 billion in Forbes' 2025 NHL valuations, the only major market showing zero appreciation while league average valuations climbed 8-12% over the same period. the franchise's stagnation reflects persistent arena revenue constraints and limited local media economics compared to tier-one markets like Toronto ($3.2B) and New York Rangers ($2.25B). McConnell's ownership has generated modest operating cash flows but faces structural headwinds: Columbus ranks 27th in NHL metropolitan population and 18th in corporate revenue density, making player acquisition financing dependent on operational efficiency rather than market-driven asset appreciation. The flat valuation signals investor caution on secondary NHL markets without either championship-level performance or material capital infrastructure upgrades.