"I'm intrigued by the evaluation," said Tom Anselmi, president and COO of Maple Leafs Sports and Entertainment told ESPN.com's Pierre LeBrun in an email. "The recent MLSE acquisition clearly demonstrates the growing importance of all of our franchises to our fans, but I have no idea of how they came up with that number.''
The Stanley Cup champion Los Angeles Kings are worth $276 million, 10th overall.
Forbes says the NHL's total revenues were $3.4 billion for the 2011-12 season.
With the players locked out by owners, the NHL already has canceled 422 regular-season games.
ESPN's Pierre LeBrun and The Associated Press contributed to this story.