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The Red Wings rank eighth on Forbes’ list of most valuable NHL franchises.

The Red Wings are valued at $600 million.

The Rangers are the most valuable NHL franchise at $1.2 billion, taking the top spot on the Forbes list for the first time since 2004.

The magazine said Tuesday Montreal is second at $1.18 billion, followed by Toronto at $1.15 billion. The Maple Leafs had been the most valuable team since 2005, but they’ve reached the playoffs only once since 2006 and their 13-year home sellout streak ended in March.

Chicago, winner of three of the last six Stanley Cups, is fourth at $925 million, with Boston next at $750 million.