The NHL is discussing expansion once again, with Houston and Austin as the frontrunners for the league’s 33rd team, commissioner Gary Bettman told reporters after the Board of Governors meeting on Tuesday.
A new franchise would likely go to prominent Texas-based businessman Dan Friedkin, who also owns European soccer clubs AS Roma in Serie A and Everton in the Premier League and is worth an estimated $11.5 billion, according to Forbes. Friedkin has been discussing the opportunity with the NHL for about two years, Bettman said, and signed a term sheet for $3.5 billion, including the construction of a new arena in either city. The league has six months to decide whether to move forward with the process.
The average NHL team is worth $2.1 billion, according to Sportico’s most recent valuations. Only the Toronto Maple Leafs (No. 1, $4.25 billion) and the New York Rangers (No. 2, $3.65 billion) are worth more than the combined value of the proposed expansion franchise and arena construction costs. Bettman declined to comment on the breakdown of the expansion fee, but Sportico previously reported that a new team would fetch at least $2 billion with another $1 billion allocated to building a home venue.
