The Tampa Bay Lightning is worth less than what owner OK Hockey paid for it, Forbes magazine estimates. Forbes estimates the franchise’s value at $191 million, 18th in the 30-team league. The team was bought for about $200 million.

Forbes’ value also does not include debt, of which there is much as OK Hockey, it is believed, received $67 million in financing and $30 million in operating capital from former owner Palace Sports & Entertainment and even more financing from Galatioto Sports Partners, a New York sports investment bank.

But given value drops of 11 percent by the Avalanche, and 10 percent by the Stars and Thrashers, Tampa Bay’s four percent drop isn’t so bad, by comparison.

See the entire report at forbes.com/nhl.