PHOENIX -- The Penguins are wildly popular, but they are not the Toronto Maple Leafs.
According to Forbes, the Maple Leafs rate as the league's most valuable organization for a third consecutive year. Toronto is worth $448 million, a 9 percent spike from last season.
The Penguins rated 18th in the rankings, which Forbes released Wednesday. Their estimated worth is $195 million, but their 26 percent increase in value is better than any team in Forbes' top 10.
The Penguins kept with their previous stance and did not comment on the Forbes franchise value rankings.
Forbes also reported an $87 million value in revenue and an operating income at $5.1 million for the Penguins, who likely will move into the top 10 after Pittsburgh's new multipurpose arena opens for the 2010-11 season.
Mellon Arena is the NHL's oldest building. Of Forbes' top 10 teams, only the New York Rangers and Detroit Red Wings play in buildings not constructed within the past 15 years.
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