Texas might be getting a second NHL team, and the price to make it happen is already set. Commissioner Gary Bettman told the board of governors Tuesday that Houston and Austin are officially being explored as expansion candidates. This isn’t a done deal yet, but the league has reportedly agreed on a $3.5 billion fee with the Friedkin family, the group backing the potential franchise.
Canadiens owner Geoff Molson, speaking after the meeting, called it “just an exploration at this stage” and emphasized it’s “an important decision.” That’s the kind of cautious language you’d expect when you’re talking about nearly doubling what Seattle paid to join the league in 2021. The Kraken’s expansion fee was $650 million, for context. The Vegas Golden Knights paid $500 million back in 2017. Prices have clearly gone up.
According to NHL insider Pierre LeBrun, Bettman said the Friedkin family has already agreed to the $3.5 billion total investment fee, plus the cost of building an arena if expansion goes forward. But Bettman also said a final decision won’t come for six months. So there’s still time for all the details to get sorted out — or for things to fall apart.
Houston feels like the more natural fit for a few reasons. The city already has an NBA team, an MLB team, an NFL team, and an MLS club. It’s a massive TV market. Austin is smaller but growing fast, and it doesn’t have a major pro sports tenant yet beyond the MLS team. Either way, Texas has had an NHL presence since 1993, when the Minnesota North Stars moved south to become the Dallas Stars. Adding another Lone Star State team would make the league’s footprint in the region significantly bigger.
If the NHL goes to 33 teams, it would officially become the biggest league in North America, surpassing the NFL’s 32 clubs. That’s a notable milestone, though the league has been cautious about over-expanding. The two most recent additions — Vegas and Seattle — have both been competitive right away. The Kraken made the Stanley Cup Final three times in their first nine seasons and won it all in 2023. That success probably makes ownership groups more willing to pay top dollar.
The Friedkin family has deep pockets. Dan Friedkin owns the Premier League’s Everton and has a net worth reportedly north of $6 billion. That kind of money helps when you’re talking about a $3.5 billion entry fee. But Bettman made it clear the league isn’t rushing. The six-month timeline suggests the NHL will take its time vetting the market, the arena plans, and the ownership structure before making any final call.
For now, hockey fans in Houston and Austin can dream. The league hasn’t promised anything. But the fact that an ownership group has agreed to a nine-figure fee before the official decision process even starts tells you how serious the interest is.
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