"Forbes has updated its valuations of the NHL's 30 teams and the Caps are in just about the same place on that list as they are in the standings, but I wouldn't worry about that too much. As I wrote when Forbes compiled the same list last year, the most valuable franchises are those whose owners also own the arenas in which the team plays, co-habitating NBA franchises, etc. Since the Caps are renters and Ted Leonsis et. al. don't yet own the Wiz, it's not surprising that they'd be way down the list. Some day, however, Lincoln Holdings will own the building and the 'Zards, and the Caps will skyrocket up the list."
Why Forbes doesn't consider assets such as the option to buy an NBA team and/or the arena is beyond me.