NHL Leadership Shift Addresses Canadian Competitive Imbalance

The NHL is looking to improve its financial footing in Canada, despite being increasingly pulled toward the U.S. Sun Belt and navigating an escalating trade war between the two countries. 

Along with the NHL’s unanimous election Tuesday of Capitals owner Ted Leonsis as Board of Governors chairman, club owners appointed Flames principal owner and chairman Murray Edwards as vice chairman. The selection of Edwards was deliberate as the NHL’s seven Canadian teams are facing arguably a greater set of challenges than ever and want a voice representing their interests within BOG leadership. 

Among the issues acutely facing that group of teams:

• No Canadian team has won the Stanley Cup since the 1993 Canadiens, by far the longest such streak in NHL history. The 2024 Oilers went to a seventh game in the Stanley Cup Final—as did the 2011 Canucks, 2006 Oilers, 2004 Flames, and 1994 Canucks—but the streak is now entering a 33rd season. 
• The league’s competitive power lies heavily within the U.S. Sun Belt, with teams from that area claiming the last four Stanley Cup titles and six of the last seven, including the Hurricanes last season. In current betting odds for the 2026–27 season, the Panthers lead the way, followed by the Hurricanes at No. 3 and the Golden Knights at No. 5. The No. 2 Avalanche and No. 4 Oilers are the top contenders from outside the southern group. Those trends are continuing to grow as low taxes in states such as Florida, Texas, and Nevada help attract free agents. 
• That Sun Belt presence is set to expand even further, with the NHL actively considering a proposal to place a team in either Houston or Austin, while greater Atlanta and Phoenix are also pushing for new franchises.
• The relative weakness of the Canadian dollar remains an issue, as the seven teams take in much of their revenue in local currency but pay out core expenses such as player salaries in U.S. dollars. The Canadian dollar is currently worth about 71 U.S. cents and is approaching a 10-year low in its comparative strength. 
• Political friction between the U.S. and Canada is also at an all-time high, as President Donald Trump has waged an extensive trade war this year against the U.S.’s northern neighbor, including issuing new tariffs. 

The selection of Edwards to help lead the NHL BOG is designed to bring greater focus to addressing those issues.

“I think the challenges that the Canadian teams have are broader than just hockey,” Edwards said. “I think it has to do with the overall economy. And I think that the discussions in governance are how do we make the Canadian economy become more vibrant and grow in the future.” 

Edwards indicated that he’s had ongoing conversations about matters such as taxes and the creation and retention of wealth within Canada.

“Taxes are clearly something that I do talk to [NHL commissioner Gary Bettman] about. That’s not just a challenge for Canadian teams. That’s also a challenge for some U.S. market teams. I think that’s something we have to continue to look at,” Edwards said.

Preserving the Bond

The NHL is hardly alone, though, among sports teams and leagues that want to maintain an embrace of Canada, regardless of broader economic or political events. The NFL’s Bills last week opened their new $2.2 billion Highmark Stadium with a first-ever performance of the “O Canada” national anthem before one of their games. 

The Bills’ fan base, about one-eighth of which comes from southern Ontario, eagerly joined in singing the song, and the team has remained active in forging close ties with its Canadian neighbors. 

Other pro teams in border cities such as Detroit have engaged in similar activities.