NHL opening expansion process, to explore viability of franchise in Houston or Austin - The Athletic

NHL Commissioner Gary Bettman announced on Tuesday that the league has entered a term-sheet agreement with Houston billionaire Dan Friedkin to explore expanding into either Austin or Houston, Texas. The agreed-upon investment totals $3.5 billion, covering an expansion fee of approximately $2 billion and $1.5 billion for a new arena. Bettman stated the NHL has been in discussions with the Friedkin family for nearly two years about Houston as an expansion opportunity.