NHL exploring expansion to Texas with Houston, Austin among possibilities

The NHL is exploring potential expansion in Texas in either Houston or Austin under an agreement with billionaire Dan Friedkin and his family, Commissioner Gary Bettman said Tuesday.

Bettman said the Board of Governors executive committee endorsed a term sheet agreed to with the Friedkins over the next six months. The total investment required between an expansion fee and the cost to build a new arena in one of those cities would amount to $3.5 billion US, according to Bettman, who said discussions over the past two years largely revolved around Houston before Austin joined the conversation.

"That's part of the process is to determine what would be best, both for the league and for Dan Friedkin and family," Bettman said. "Both cities will require a new arena. It may be more feasible in one place than the other. And as we dig a little deeper and do the due diligence, we'll figure out which makes the most sense."

Friedkin is chairman and CEO of the Friedkin Group with a net worth of $6.4 billion, according to Forbes. The Houston-based consortium has investments in the automotive industry, entertainment, hospitality and sports, including stakes in European soccer clubs Everton and AS Roma.

No board vote was taken. That would only come if the sides involved move forward with an agreement.

While there is no guarantee the NHL adds a 33rd team, the move is a first step toward becoming the largest professional sports league in North America, surpassing the NFL. Bettman has said officials were listening to expressions of interest from prospective owners in places like Houston and Atlanta but until now not yet engaged in a formal path toward expansion.

"There was an update on Atlanta, there was an update on Arizona and there was