Initial bids for an NHL expansion team were due Monday, a purchase that ultimately will cost investors at least $500 million to set up shop in a new hockey town such as Las Vegas or Quebec City.
That might be a good thing for the Pittsburgh Penguins.
Experts say the high fee for an expansion franchise could drive up the price of the Penguins, a successful and known commodity.
“Psychologically, it may help a buyer who’s interested in purchasing the Penguins, between the team and the development rights, to kind of justify to themselves that I can go up to $750 million or $800 [million] or $850 [million] because I don’t have to do all that work,” said John Clark, a professor in sports marketing at Robert Morris.