The more that I look at this, I think it is the teams that are in big metropolis areas that are successful. Here is the list of teams that operated in the black last year: 1) Toronto 2) NYR 3) Montreal 4) Detroit 5) Boston 6) Chicago 7) Vancouver 8) Philly St Louis, Dallas and LA are the other cities you could site as comparable size. I think there are three factors: 1) Operational expense (including players salaries) 2) Attendance / draw 3) Ticket prices For example, let us compare St. Louis and Florida. St. Louis 1) Operating Income / Expense: St Louis had an operating income of 78M (off set by 43M in player salaries). So players salaries consumed 55% of their income. Their net operating revenue was -2.7M. 2) Attendance / Draw: St Louis was 9th in the league and garnered 300M in gate receipts (18809 per game). 3) St Louis average ticket price was $39 per ticket. Florida 1) Operating Income / Expense: Florida had an operating income of 81M (3M higher than St. Louis). Players salaries were 50M (7M more than St Louis). So players salaries consumed 61% of their income. There operating revenue was -7M (-4.3M less than St. Louis). 2) Attendance / Draw: Florida was 21st in the league and garnered 250M in gate receipts (16628 per game). 3) St Louis average ticket price was $37 per ticket. So, while St Louis,as the 9th highest attended team in the NHL, generated 50M more in gate receipts than Florida, there overall revenue was less than Florida's while St. Louis also spent 7M less in player salary than Florida? The numbers don't add up. Granted, I don't know about building debt and all that, but just on the surface, the argument that Florida should not be a team starts to fade away a tad when they are fiscally more viable than the 9th highest attended team in the NHL.