It's hard to extract maximum value for an asset when under a tight deadline to sell. IMO the best result for the league would be to takeover the team (presumably buying out Meruelo and being able to force his hand based on failure to meet certain obligations like having an NHL calibre rink and paying taxes on time).
Invite markets to bid on a purely operational basis (ie. tenancy without ownership) for a 3-5 year term, while noting that a big process for full ownership will occur in the following 12-24 months.
Earning the operational bid would give a market a leg up in the next process, but it would let the league be wide open to proposals, even ones that require brand new buildings built. If there are enough strong bids, perhaps they consider expansion(s) along with the finalized relocation, but it's really hard to know what the endemic world looks like.
The big opportunity could be a 2nd team in TOR or Hamilton - I could see a lot of other owners pushing for it. I don't really know why the Leafs/Sabres objections are considered such a non-starter. LAK/ANA and the three NYC teams operate in closer proximity, and there are lots of examples in the other 3 NA leagues.
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