The National Hockey League is structuring internal conversations around adding six franchises before the end of the decade at valuations starting at $1.2 billion per market, according to people familiar with the discussions. The move would expand the league to thirty-eight teams and generate approximately $7.2 billion in aggregate entry fees split among current ownership groups.
Atlanta returns to the shortlist after losing two franchises in forty-one years. Houston enters as the largest U.S. television market without an NHL presence. Phoenix resurfaces despite the Coyotes' 2024 relocation to Salt Lake City, with separate ownership pursuing an arena district in Scottsdale. Kansas City, Portland, and Austin complete the six-market frame league officials are using in revenue modeling. No formal bids have been solicited. Commissioner Gary Bettman has not publicly committed to expansion beyond acknowledging "interest from quality ownership groups."
The $1.2 billion floor represents a 71% premium over the $700 million Seattle paid for the Kraken expansion rights in 2021 and a 650% increase from the $160 million combined fee Vegas paid in 2016. Atlanta Spirit sold the Thrashers to Winnipeg ownership for $170 million in 2011, including relocation costs. The new valuation assumes each expansion market delivers an arena with forty luxury suites minimum, a practice facility within eighteen months of approval, and a local media partner capable of clearing $25 million annually in rights fees. Seattle's ROOT Sports deal pays approximately $27 million per season through 2028.
The revenue architecture matters more than the headline number. Each existing franchise would receive roughly $225 million distributed across three seasons if all six teams enter simultaneously, a cash event that changes the return calculus for mid-market clubs operating near break-even. The Florida Panthers, Carolina Hurricanes, and Columbus Blue Jackets each reported operating income below $15 million in their most recent filings. A $225 million distribution buys facility upgrades, front-office expansion, or balance-sheet repair without touching local revenue streams. It also resets comparable valuations for estate planning and minority-stake transactions across the ownership class.
The Coyotes' April 2024 sale to Utah Jazz owner Ryan Smith for $1.2 billion established the de facto expansion price before the league officially priced expansion. Smith acquired the franchise, player contracts, and hockey-operations infrastructure but left the Coyotes brand and history dormant in Arizona pending a new ownership group. Alex Meruelo, the former Coyotes owner, retains a five-year window to reactivate the franchise if he secures an arena and pays a $1.0 billion reactivation fee to the league. That structure creates a precedent where franchise rights and market entry are priced separately from operational assets.
Houston and Atlanta carry the largest corporate sponsorship bases among the six candidate markets. Houston's energy corridor delivers seventy-three Fortune 500 headquarters within a ninety-minute drive. Atlanta hosts eighteen Fortune 500 domiciles and the highest concentration of Black-owned businesses with revenue above $100 million annually in North America, a demographic the league has targeted since launching its Executive Inclusion Council in 2020. Both markets require new or substantially renovated arenas. Houston's Toyota Center seats 17,800 for basketball but needs $150 million in mechanical and sightline modifications for hockey. Atlanta's State Farm Arena underwent a $192 million renovation in 2019 but lacks the ice plant and locker-room footprint NHL operations require.
Phoenix's reentry hinges on a Scottsdale entertainment district that has not yet cleared zoning or secured construction financing. The project, led by a group including former Arizona Diamondbacks executives, proposes an 18,500-seat arena anchoring a mixed-use development with hotels and residential towers. The site sits fourteen miles from the Coyotes' final home at Mullett Arena on Arizona State's campus, which seated 5,000 and carried no luxury inventory. The distance and ownership discontinuity mean Phoenix's bid starts from zero despite thirty seasons of prior NHL operations.
Kansas City continues to operate T-Mobile Center without a primary tenant after losing its minor-league affiliate in 2014. The arena seats 17,500 and has hosted NHL preseason games as recently as 2022. Portland's Moda Center requires minimal modifications but shares ownership with the Trail Blazers, whose controlling stakeholder, Jody Allen, has not publicly expressed interest in adding an NHL franchise to her portfolio. Austin has no suitable arena and no local billionaire attached to a credible bid, which places it behind the other five markets despite strong population growth metrics.
Expansion timing depends on the next U.S. media-rights cycle. The league's current agreements with ESPN and Turner expire after the 2027-28 season. Adding six teams before those negotiations conclude would dilute per-team payouts unless the media partners agree to proportional increases, which historically they do not. Adding six teams after securing a new deal allows the league to market a larger footprint and more inventory to streaming platforms bidding against traditional broadcasters. The league has not scheduled expansion votes or opened a formal application process.
Watch for private arena-financing announcements in Houston and Atlanta over the next eighteen months. Watch for Scottsdale's zoning board to rule on the entertainment-district proposal by mid-2025. Watch for minority ownership transactions in existing franchises to establish whether $1.2 billion valuations hold across small-market clubs. The NHL Board of Governors meets in June 2025 in Las Vegas, the earliest venue where expansion could reach a formal agenda.
The takeaway
Six-team expansion at **$1.2B** each delivers **$225M** per existing owner, recalibrating franchise economics before the next media deal closes.
Editorial & Disclosure Notice: This article was written with artificial intelligence from public sources and is published without individual human review. Artificial intelligence and other digital tools are also used for research, analysis, editing, formatting, and production. Errors, omissions, outdated information, or inaccuracies may occur. References to companies, brands, products, services, organizations, or individuals are for informational and editorial purposes and do not imply endorsement, sponsorship, affiliation, partnership, or approval unless expressly stated. All trademarks and other intellectual property remain the property of their respective owners. Opinions, analysis, estimates, and commentary are informational only and should not be construed as financial, investment, legal, tax, medical, procurement, or other professional advice. Information may be corrected, clarified, or updated after publication. Corrections or removal requests: jenny@pops4.com.
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