The Penguins are worth $222 million, making them the 11th most valuable franchise in the NHL, according to a study released this evening by Forbes.com.

Toronto, at $470 million, was judged to be the league's most valuable franchise while Phoenix, at $138 million, ranked last among the 30 clubs.

The other teams ahead of the Penguins were the New York Rangers ($416 million), Montreal ($339 million), Detroit ($337 million), Philadelphia ($273 million), Boston ($271 million), Chicago ($258 million), Dallas ($246 million), Vancouver ($258 million) and New Jersey ($223 million).

Penguins Plus, a blog by Dave Molinari and Shelly Anderson, is featured exclusively on PG+, a members-only web site from the Pittsburgh Post-Gazette. Our introduction to PG+ gives you all the details.