‘A Hamilton team would fall within both Buffalo’s and Toronto’s protected N.H.L. markets. In previous instances, the N.H.L. required a new team to pay an indemnity to the established teams within a given market. The Islanders paid $4 million to the Rangers when they were founded in 1972, and the Devils paid an estimated $12.5 million to the Rangers, the Flyers and the Islanders when they moved to New Jersey in 1982.’
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