I thought this article on TSN today was pretty interesting about how much a 2nd Toronto area team could be worth in terms of an expansion fee. The article is long but also includes speculation on potential expenses and revenue. Here's a snippet:
The National Hockey League would likely command a record expansion fee worth as much as $1.2 billion for a second franchise in Toronto, sources tell TSN - a sum that would eclipse the previous North American sports record of $700 million that the Houston Texans paid to join the National Football League back in 1999.
The bankers, who collectively have advised both buyers and sellers of NHL teams, as well as owners who have sought new limited partners, said bidding for a new team in Toronto would begin around $800 million. Opinion was split on how high the bidding might go. Three of the bankers said they could see the auction reach $1.2 billion. The other two doubted the bidding would eclipse $1 billion.
"In an auction situation, I could see it getting to $1 billion or even $1.2 billion," said Drew Dorweiler, a Montreal economist who has been hired by the owners of the Toronto Maple Leafs, Vancouver Canucks, Manchester United and other sports teams to estimate their franchise values. "An NHL team in Toronto is a marquee property."