🏒 World hockey economics: National League vs others major leagues

A comparative overview between Switzerland, Sweden, Finland, the Czech Republic and the NHL

Ice hockey has never been so structured, professional, and globalized. Between the wealthy North American leagues and the booming European championships, the gaps are widening, but the models are diversifying. The Swiss National League (NL) is now among the most attractive leagues in the world. A comparative overview.

1. The National League (Switzerland)

Athletic level

Switzerland has risen to the top of European hockey. The National League now offers a very high level of play, blending quality local development with an influx of foreign talent from the NHL and Scandinavian leagues. The intensity, speed, and tactical discipline make it a balanced and spectacular championship.

All the top players of the moment will meet for the colorful Ice Hockey tournament which will take place next February at Milan Winter Olympics

Finance and economic model

Swiss clubs operate with budgets ranging from 10 to 20 million Swiss francs, depending on their size and fan base. Lausanne, Zurich, and Bern are among the wealthiest. SC Bern regularly exceeds 16 million in budgets, while smaller clubs like Ajoie typically have budgets of around 8 to 10 million.

Average salaries are among the highest in Europe: a top-level player earns between 250,000 and 500,000 CHF per season, with some foreign players earning over a million. The league is considering implementing a salary cap of around 10 to 12 million CHF for 2029-2030 to prevent uncontrolled inflation.

Strengths and challenges

• Strengths: modern infrastructure, high purchasing power, high average attendance (more than 7,000 spectators per match).
• Challenges: limited market, dependence on sponsors and ticket sales, disparities between clubs.

The National League has successfully positioned itself as a premium, sustainable and attractive league.

National League club standings

2. The Swedish Hockey League (SHL)

Level and competitiveness

The SHL is the historical benchmark in Northern Europe. Very well-balanced, it emphasizes player development, team discipline, and a loyal fan base. Its more physical, Nordic style of play makes many Swedes potential future NHL prospects.

Finance

Club budgets range from €8 million to €14 million, with average player salaries between €80,000 and €300,000. Major clubs like Färjestad, Växjö, and Frölunda have budgets approaching €15 million. Continued growth in ticket sales and TV rights revenue allowed the SHL to increase its spending by nearly €7 million last season.

Strengths and challenges

• Strengths: loyal audience, solid structures, decent profitability.
• Challenges: brain drain to the NHL and Switzerland, rising salary costs.

SHL remains a safe bet of the hockey European, with a sound economic base and a sustainable model.

3. The Liiga (Finland)

Level and identity

The Finnish league boasts an exemplary player development system. Numerous young Liiga players join the NHL or Swedish teams each year. The Finnish style is distinguished by its discipline and speed of execution.

Finance

Finnish clubs have significantly increased their budgets in recent years: they now range from 6 to 15 million euros, with an average close to 12 million. The league's total budget is projected to reach approximately 190 million euros for the 2024-25 season.

The Liiga stands out for its rare transparency: most clubs publish their budgets and financial statements. Despite this, several teams remain financially vulnerable.

Strengths and challenges

• Strengths: stability, elite training, popular support.
• Challenges: low profitability, dependence on player sales and local subsidies.

Finland remains a sporting model, but needs to strengthen its ability to generate commercial revenue.

4. Extraliga (Czech Republic)

Athletic level

The Czech league remains competitive and technically skilled, with creative play and an excellent local talent pool. However, it is still weakened by the brain drain to higher-paying leagues.

Finance

Budgets vary considerably, ranging from 2 to 6 million euros depending on the club. Larger teams like Pardubice or Třinec draw their strength from a solid industrial or regional base. Their more modest salaries, however, allow them to maintain a good balance between spending and local player development.

Strengths and challenges

• Strengths: tradition, national spirit, controlled costs.
• Challenges: limited financial attractiveness, lack of international visibility.

The Czech Republic is focusing on continuity and training, but remains economically far from Swiss or Swedish standards.

5. The NHL: the North American giant

Absolute level

The National Hockey League (NHL) remains the pinnacle of world hockey. Its 32 franchises attract the best players on the planet and generate colossal revenues.

Finance

The NHL reached a record revenue in 2024, estimated at $6.3 billion.

• Salary cap: $88 million per team.
• Average value of a franchise: $1.9 billion.
• Sponsorship revenue: approximately $1.5 billion per season.

The North American economic model is based on a balanced sharing of revenue (50/50 between players and owners) and a closed league structure that guarantees stability and profitability.

Strengths and challenges

• Strengths: media power, global appeal, solid financial structures.
• Challenges: strong dependence on TV rights, high cost of franchises, cumbersome logistics.

No league yet rivals the NHL, either in terms of sporting performance or economics.

6. Overall Comparison

League	Average budget per club	Athletic level	Average player salary	Main characteristic
NHL	200 M $+	⭐⭐⭐⭐⭐	2.5 to 3 M $	Closed leagues, global market
National League	10–20 million CHF	⭐⭐⭐⭐½	250–500k CHF	Highest salary in Europe
SHL (Sweden)	8–14 million euros	⭐⭐⭐⭐	80–300k €	Tradition and stability
Liiga (Finland)	€6–15 million	⭐⭐⭐⭐	60–250k €	Exemplary training
Extraliga (Czech Republic)	€2–6 million	⭐⭐⭐	50–150k €	Good local talent pool, limited resources

7. Prospects for Europe

The future of European hockey rests on three pillars:

1. Financial regulation: the introduction of salary caps and luxury tax systems, like the future Swiss reform, to guarantee balance.
2. Business growth: leveraging TV rights, digital distribution and international marketing.
3. Sustainable development: investing in training, the energy transition of arenas and the fan experience to build audience loyalty.

Switzerland, with its strong professionalism and purchasing power, has the opportunity to become the center of excellence for European hockey, second only to the North American giant.

In conclusion

The Swiss National League is now among the top three in the world in terms of player salaries and quality of play, behind the NHL and neck and neck with the Swedish SHL. Its model is based on discipline, prestige, and close ties with fans.

At a time when European leagues are seeking to unite against the North American behemoth, Switzerland could well play the role of driving force behind a stronger, more professional and more sustainable European hockey.

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