Quebec City
A restoration rather than an experiment: the building is built and the fanbase never moved on.
This is About Restoration
Quebec City, despite being a smaller market by U.S. standards, would be cash-flow positive from day one. The fans are already there, the building is already in place, and the emotional attachment to the team has never faded. That franchise wouldn't be an experiment; it would be a restoration.
This is a team that would sell out season tickets immediately. It would drive huge merchandise sales from the start. It would be a prime-time event in Quebec, across French Canada, and even for hardcore fans across the league who still see the Nordiques as one of the all-time great "what could have been" stories.
Expansion teams in non-traditional markets, even big ones, often need years of nurturing before they become profitable. Quebec doesn't need any of that because it enters as a team that immediately adds to league revenue. TV rights in Canada are already massive, this would give Sportsnet more content to sell. Local sponsors would rush in. Unlike in the South, where you have to convince people to care, in Quebec, you have to convince people not to trample each other trying to get into the building.
The only thing stopping it is the league's obsession with U.S. TV market growth. But if you step back and view it as a long-term owner or operator, Quebec City isn't just viable; it's one of the safest financial plays the league could make. There's a chance they could see more actual operating profit from a 10,000-seat sellout every night in Quebec than from a half-full arena in a sprawling southern market that's still finding its footing.
The Nordiques played from 1972 through 1995 with the igloo logo and fleur-de-lis blue. The rights sit with Colorado, which still sells Nordiques reverse retros. The Videotron Centre is built.
Before the Nordiques, Quebec had the NHL Bulldogs for a single season in 1919–20.