Buffalo's $1.4 billion valuation stalled in 2025 while the broader NHL asset class continued appreciating, signaling market skepticism about Pegula's franchise trajectory. the Sabres' zero percent growth contrasts sharply with league median gains of 3-5 percent annually, driven by media rights inflation and expansion momentum. On-ice performance deterioration—Buffalo missed playoffs four consecutive seasons—directly correlates with the valuation plateau. Unlike peer markets benefiting from new arena investments or playoff revenue, the Sabres lack both catalysts, rendering them a lagging NHL asset despite stable ownership and balance sheet strength.