NEW YORK — The NHL is still aiming to make an expansion decision regarding Texas by December. But that multibillion-dollar decision is progressing with a “wait-and-see attitude” without any rigid timetable or expected conclusion.
Speaking at the end of a Board of Governors meeting on Tuesday, NHL commissioner Gary Bettman said there is “still a lot of work to do” before the league selects either Houston or Austin as its next market. In June, the NHL chose to pursue an expansion path with billionaire Dan Friedkin in one of those two Texas cities.
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“Expansion is a multibillion-dollar transaction that has an impact on all of the other clubs in the league,” Bettman said in response to a Front Office Sports question. “A lot of i’s have to be dotted, t’s have to be crossed. And if there’s going to be expansion, three-quarters of the governors are going to have to be comfortable that this makes sense to them. That’s not something you do overnight.”
To that end, Bettman also said the ongoing expansion deliberations are “not a process,” but something “a little more grassroots oriented, emerging holistically from places with a genuine interest that have solicited us.”
A second Texas team will join the Stars in Dallas. Another franchise in the state will likely require about $3.5 billion between the league expansion fee and costs for a new arena.
While the Texas consideration continues, interest in an expansion team is also running high in greater Atlanta and Phoenix, but with even less of a defined structure from the league regarding those markets. But Bettman and deputy commissioner Bill Daly said it’s possible that the other expansion candidates could soon be the subject of more intensive feasibility studies.
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Revenue Boosts
The NHL is projecting about $8.1 billion in mixed-currency revenue for the 2026–27 season, a slight boost from the nearly $8 billion it took in for the 2025–26 season. Among the key drivers for the ongoing revenue growth is the start of a new, 12-year, English-language media rights deal in Canada with Rogers Communications worth $7.7 billion that runs through the 2037–38 season.
The ongoing revenue growth—also reflected in a record-level salary cap and a recent run of historic contracts—is also happening as the league, like MLB and the NBA, grapples with rising disruption in the local media business.
“The business model [around local media] is going to evolve, and for now, teams are doing what makes sense in their markets,” Bettman said. “Some markets you’re seeing over-the-air [television], some markets you’re seeing streaming, some markets you’re seeing cable, and some you’re seeing a combination of two of the three. It will continue to evolve, but we’ll make sure we have the flexibility at the league level to offer the clubs whatever they need for maximum optionality.”
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Leadership Shifts
Capitals owner Ted Leonsis, meanwhile, was elected as the new chair of the NHL BOG. Leonsis, who has controlled the Capitals since 1999, takes over in the leadership post for Bruins owner Jeremy Jacobs, who held the spot for 19 years, and acknowledged that “it’s well past time for me to pass the torch.” Flames governor Murray Edwards was elected BOG vice chairman.
The shift to Leonsis comes as the NHL is working through the impacts of revenue acceleration and negotiating a new set of U.S. television contracts that will begin in 2028. With the latter situation, the league is eager to take advantage of its rising popularity as well as a greater national prominence for top-tier live sports across the media business.
The NHL’s recent move to an 84-game schedule is also seen as a boost as the rights negotiations approach.
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“It’s one of the main priorities that we have as a deliverable to the owners,” Leonsis said of the upcoming media rights pacts. “It’s still a huge part of our revenue base.”
Leonsis will likely be at the BOG helm when the NHL finally makes a succession decision regarding Bettman. The 74-year-old commissioner, in place since early 1993, continues to deflect questions about his future.
“At some point, I’ve got to stop,” Bettman said. “But I love what I do. I’m energized. I have nothing to complain about. I love coming to work every day. I love being part of this game. So you keep trying to kick me out, and at some point, you’re going to get a different answer. But this isn’t that point, because no decisions have been made.”
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