The NHL and the players may continue to argue about money, but there’s no lack of it for the Toronto Maple Leafs.

The Leafs have set a record for being the most valuable team in the NHL, with Forbes magazine reporting they are the first-ever organization worth $1-billion – this despite not being in the playoffs since 2004.

The team’s revenue from the 2011-12 season rang in at $200-million, while operating income was just short of $82-million.

In comparison, the New York Rangers – the team which takes spot number two on the list – are currently valued at $750-million.

Coming in third are the Montreal Canadiens, with a $575-million worth – up from $521-million the previous season.