The NHL’s Stanley Cup is arguably the most iconic championship trophy in sports. Legends like Wayne Gretzky have sipped champagne from it. A Kentucky Derby-winning horse once ate oats out of it. Children have been baptized in it. Just as you can bank on the champions hoisting the Cup each June, you can also bet that some crazy stories will follow.

But the Stanley Cup’s lore is no accident. It’s the result of a masterclass in brand-building by the NHL that turned a $50 silver cup into marketing gold.

Here’s how they did it.

Scarcity: There’s only one Stanley Cup

Unlike other major sports that create new championship trophies each year, there is only one Stanley Cup. Winners don’t get to keep it—they borrow it, adding their names before passing it to the next year’s champion.

The NHL un

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