By Mike Ozanian for Forbes

Pittsburgh Penguins’ owners Mario Lemieux and Ron Burkle had a mixed 2016: their team captured the franchise’s fourth Stanley Cup but the owners—exploring ways to raise equity–pulled the team off the market when they did not get anything close to the $750 million valuation for the Penguins they were looking for.

Consolation prize? The 13 playoff games at PPG Paints Arena enabled the Penguins  to generate $26 million in operating income (earnings before interest, taxes, depreciation and amortization), seventh-most in the NHL and 27% more than the team raked in the prior season.

The Penguins symbolize what is possible in the NHL–an elite, midsize market team that is highly profitable. Increased profitability is the theme for the NHL. During the 2015-16 season, the league’s operating income averaged $15 million, the same as the previous season. Main reason for the high profitability the past two seasons: The 2014-15 season was the first the league’s lower (relative to revenue) salary cap as part of the collective bargaining agreement, and 12-year, $5.23 billion (Canadian) media deal with Rogers Communications were both in force.

Indeed, the league’s improved economics, as well as its deal earlier this year with Major League Baseball Advanced Media, helped the NHL nab a $500 million expansion fee from the owners of the Vegas Golden Knights, who will join the league for the 2017-18 season.  Read More.

Check out the Full List of NHL team valuations.