The recent sale of the Montreal Canadiens just goes to prove that old adage that the three most important things in business are 1. Location, 2. Location, and 3. Location.
Based on recent offers for NHL teams, a team in Montreal is worth $550 million to the recent buyers, the Molson family. A team in Hamilton, Ontario is worth $212.5 million to spurned suitor Jim Balsillie. And a team in Phoenix is worth "a substantial sum below Balsillie's offer."
Obviously there are other factors besides home city in determining the price of a franchise, but the fact that hockey team with the clear rights to play in Montreal sells for, perhaps, 5 times what a very similar product sells for in Phoenix is telling.