The Raptors are now the most valuable sports franchise in Canada

The Toronto Raptors are worth more than they’ve ever been. But their historic run to the NBA Finals has played less of a role in that than you might think.

A lucrative U.S. national TV deal for the NBA combined with five division titles in six seasons has propelled the Raptors past the Toronto Maple Leafs and Blue Jays in franchise value, making the team the most valuable sports franchise in the country, experts say. The Raptors are now worth about $1.8 billion (all figures U.S.), but could sell for well over $2 billion, according to some estimates. The Leafs, meanwhile, have a value pegged at $1.45 billion.