Report: NHL to announce opening of formal expansion process
It looks like the NHL will be expanding before too long.
The league will announce on Wednesday it is inviting expansion bids from interested parties, according to multiple reports.
Commissioner Gary Bettman is expected to leave the process open-ended and will not commit to adding a specific number of teams.
The formal expansion process will encourage all interested groups to place their bids for a franchise.
Though the number is not concrete, it is believed that a fee of $500 million will be required for any group hoping to add an NHL club.
The announcement comes while the Board of Governors of NHL teams are currently convening in Las Vegas for the NHL Awards and general managers meeting.
The news is interesting considering New York casino owner Bill Foley has made it clear he wants to bring a franchise to Las Vegas, going so far as to hold a ticket drive, while construction of an arena is currently underway.
Bettman is scheduled to hold a media conference at 4:30 p.m. ET Wednesday.
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