Winnipeg's $1.5B valuation remains flat year-over-year, even as median NHL franchise values climbed 4-6% across the league in 2025. the Jets' stalled growth reflects revenue constraints tied to Winnipeg's smaller metro footprint (850K population) versus markets like Toronto, New York, and Vancouver. The franchise generates roughly $225-250M in annual revenue—below league average—limiting comparable multiples to 6-7x EBITDA versus 8-9x for large-market teams. Mark Chipman and David Thomson (who merged their ownership stakes in 2023) own an asset that trades at a discount to its peer cohort despite stable operations and NHL-average attendance. The valuation plateau signals investor caution on secondary market expansion until either sponsorship density improves or Arena Winnipeg generates incremental activation revenue.