On November 29, 2011, a Forbes magazine report valued the Ottawa Senators Hockey Club at $201 million, (17th highest in NHL). The valuation was based on $27 million for the sport, $70 million for the arena, $80 million for the market and $25 million for the brand. For 2010–11, the club had an operating income of $2.8 million on revenues of $100 million. The gate receipts for the 2010–11 season were $46 million and player expenses were $57 million. The operating income followed two years where the team posted a loss. Forbes estimates that the organization has a debt/value ratio of 65%, including arena debt. Eugene Melnyk bought the team for $92 million in 2003. A November 2014 report by Forbes valued the Senators at $400 million, 16th highest in the NHL.. What was the valuation based on for the Ottowa Senators Hockey Club?