Overview
- The NHL began a formal six-month exploratory process after its Board of Governors meeting on Tuesday, granting the Friedkin family’s Pursuit Sports exclusive rights to pursue an expansion team focused on Houston and Austin.
- Commissioner Gary Bettman said the executive committee endorsed a term sheet for the review but the full Board did not vote and any franchise award would require later Board approval.
- The term sheet estimates roughly $3.5 billion in combined investment, a figure Bettman described as covering the expansion fee paid to existing owners plus the cost to build a new NHL-caliber arena.
- Both Houston and Austin would require new arenas and the league will evaluate which market is more feasible, with considerations including local financing, media reach and how a second Texas team would sit alongside the Dallas Stars.
- The move follows a recent string of high‑value NHL franchise transactions and signals the league is pursuing incremental growth while other markets such as Atlanta and Phoenix remain possible but less advanced.