Think the nhl getting 650 Mil for an expansion team was pretty much its high water mark. There just aren't enough big markets left for it to happen more than another couple times max. No doubt the economics are near impossible in Canada for markets like Quebec city and Hamilton... and the leafs won't waive monopoly rights. So the Canada piece seems pretty obvious for now.
I think after the nhl adds a couple more teams in NA if they are still looking to expand its gotta be Europe.
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