$2 Billion and Climbing: NHL Expansion Heats Up in Five Potential Markets

By the Cosmos Franchise Sales Team | July 9, 2025

The price of admission to the National Hockey League has officially reached a new level — $2 billion.

According to NHL insider Frank Seravalli, Commissioner Gary Bettman informed prospective ownership groups that any future expansion franchise will come with a $2B price tag. The news, delivered during the NHL Board of Governors meeting in late June, marks a dramatic rise in valuation. Just eight years ago, the Vegas Golden Knights paid $500 million to join the league; the Seattle Kraken followed at $650 million in 2021. Now, expansion fees have quadrupled.

While no formal expansion process has been launched, the league is actively fielding interest. As of now, five cities are reportedly in the mix:

Austin, TX
Atlanta, GA
Houston, TX
Indianapolis, IN
New Orleans, LA

Among them, Austin is generating the most buzz. With a booming tech-driven economy, a rising population, and no other major league competition aside from MLS’ Austin FC, the city offers the NHL a rare first-mover opportunity in a major U.S. market — much like Vegas was in 2017.

Meanwhile, Atlanta is attempting its third NHL bid, backed by the $3 billion Gathering at South Forsyth development, which now includes an NHL-ready arena. Hockey Hall of Famer Bobby Orr has reportedly lent his support as an advisor to the group leading the charge.

Houston and Indianapolis represent strong central markets with established sports infrastructures, while New Orleans offers a chance to tap into a passionate sports city that’s never had top-tier hockey.

Why Are Franchise Values Skyrocketing?

The NHL’s valuation surge mirrors a broader trend across the sports industry. From the $10B sale of the Los Angeles Lakers to rising prices in the NFL, MLB, and even lower leagues, team ownership has become one of the most exclusive investment classes available.

And yet, many of these franchises don’t generate consistent annual profits. So why the demand?

Scarcity and long-term value.
There are only so many teams — and with global media rights, arena development opportunities, and brand expansion potential, sports franchises are now seen as long-term legacy assets. In many cases, teams acquired for hundreds of millions just 10–15 years ago are now worth billions.

What This Means for Aspiring Owners

While most won’t be writing a $2 billion cheque to join the NHL, the ripple effects of these valuations are being felt across the entire sports landscape — from minor pro teams and junior hockey clubs to emerging women’s leagues and niche sports.

More investors are looking beyond short-term returns and toward long-term value creation in team ownership. Whether it’s local economic impact, brand development, or a shot at building the next breakout franchise, the interest in buying teams has never been higher.

Looking to Buy or Sell a Team?
At Cosmos Sports & Entertainment, we specialize in helping clients buy and sell franchises in junior hockey, minor pro sports, and emerging leagues across North America. If you’re exploring ownership opportunities, we can help guide the way. Contact us to learn more.