Bain's $3.5 billion offer seemed like a lowball. In November 2004, Forbes reported that NHL franchises were worth, on average, $163 million, or about $4.9 billion total. (This Detroit Red Wings blog has a good rundown of the values of teams over the past several years.) But the market value of hockey teams has likely fallen as a result of the strike. When Disney sold the Mighty Ducks last month, the price wasn't disclosed, but reports pegged it at around $60 million.