NHL commissioner says U.S.-Canada tariffs could affect league

National Hockey League Commissioner Gary Bettman said Wednesday that the league could be affected by the current tensions between the U.S. and Canada.

Bettman said 25% of the league’s revenue comes from its Canadian clubs. Though he said the Canadian teams perform well, Bettman added that there could be ramifications for the league depending on the state of Canadian tariffs.

“All players, no matter which country they play in, get paid in U.S. dollars,” Bettman told CNBC’s Becky Quick on “Squawk Box.” “So if the impact of the tariffs is to see the Canadian dollar drop relative to the U.S. dollar, it will make it more difficult and more painful.”

Bettman said he has not yet engaged in any conversations with the Trump administration, but he believes the core of the tension between the two countries is a “policy issue,” with Canadians and Americans getting ”caught in the middle.”

“I’m hoping that this is a moment in time and both countries find a way to work through this,” Bettman said, adding that the uncertainty and tariffs may also cause difficulties with the NHL’s sponsors.

The league currently has seven Canadian teams, including the Toronto Maple Leafs and Vancouver Canucks.

Despite the uncertainty, Bettman said the league is expecting to exceed revenues of $7 billion in mixed currency for the current 2024-25 season. The NHL has also seen record ratings and strong attendance, he noted, with teams playing at 96.7% capacity season to date.

According to CNBC’s 2024 Official NHL Team Valuations, the average NHL franchise value was $1.92 billion.

“Our ratings are strong and we have great media partners in Canada and the United States,” Bettman said. “And we’re in a good place because the game has never been better.”