BREAKING: NHL Approves Las Vegas Expansion for 2017-18

The NHL's board of governors officially approved Las Vegas as the league's newest and 31st franchise today. The new team will begin play for the 2017-18 season.

Owner Bill Foley will need to pay a $500 million US expansion fee to the NHL. During the last expansion in 2000, Minnesota and Columbus paid $80 million each to join the league. The Las Vegas bid says it secured more than 14,000 season ticket deposits for the new team.

The team will play in T-Mobile Arena, the new multipurpose building on the south end of the Las Vegas Strip. The arena  seats 17,500 and was built with private money by MGM Resorts International and Anschutz Entertainment Group, the owners of the Los Angeles Kings.