By: The Canadian Press Published: Nov 24, 2015 12:02pm EST Comments Share: Topic: LocalSports and Entertainment Organizations: Toronto Maple Leafs NHL New York Rangers Montreal Canadiens Madison Square Garden Air Canada Centre Chicago Blackhawks Boston Bruins Places: Ottawa Toronto Montreal Boston Chicago New York City The Ottawa Senators' value dropped seven per cent in the past year, according to the annual Forbes valuation of National Hockey League teams. Valued at $370 million, the Senators come in at 18th spot on this year's list. For the first time since 2005, the Toronto Maple Leafs are out of top spot. The New York Rangers earned that distinction with a worth of US$1.2 billion, according to the magazine's list. The franchise, which was No. 2 in 2014, last held the No. 1 position in 2004. The Montreal Canadiens rose one spot to No. 2 with a value of $1.18 billion while the Maple Leafs fell to third at $1.15 billion. The Rangers' financial strength was helped by the $1-billion renovation of Madison Square Garden and the team's run to the Stanley Cup final in 2014 and semifinals last spring, Forbes said in its report Tuesday. The Maple Leafs' drop was driven by several factors, including poor on-ice results in recent years and the team's 13-year sellout streak at Air Canada Centre being broken. The Chicago Blackhawks ($925 million) and Boston Bruins ($750 million) rounded out the top five. Forbes also said the average NHL team is now worth $505 million, an increase of three per cent from last year. The Senators generated $119 million in revenue, the magazine said, with an operating income of $18.5 million. View Comments View the discussion thread.