Si jamais on y arrive, Kerry Fraser sera l’invité spécial pour la mise en jeu cérémoniale (Note: version française to come).

When I say AI can unleash a person’s potential if you look at it through the lens of comparative advantage & avoid dogma by breaking down the steps of any process you undertake, this is an example why. I wasn’t going to address the questions – and calls for help & assistance – regarding the return of Les Nordiques du Québec as it was both
a) mainly/frankly (80%) more complicated than the return of the Montreal Expos to MLB (speaks volumes) and despite my love for la ville de Québec and relative proximity to La Capitale-Nationale, I don’t actually live there. But, I also felt
b) it was not my place, wasn’t going to happen in all likelihood (15%), and sure, to some extent, I would be stepping on some toes (5%) – toes of people I generally respect & admire but admittedly don’t need to overthink either if there was one stakeholder whose benefit far outweighed that of the preference/inconvenience of another. The people have spoken, we have to look into it.

Stakeholder management & servant leadership styles are easy as tag lines but challenging in practice. This really was a bit of an unexpected curveball as I had finally envisioned a very thoughtful, disciplined next steps for the Montreal Expos revival impact and have now arrived at a project in scope, sequence and impact so profound that it would be unconscionable for the levels of government not to want to support especially since my plan to acquire the franchise via expansion or relocation does not require taxpayer monies. If I can remain patient, that plan would ultimately likely materialize for the Expos (just not to my liking wrt patience) – with the Nordiques, it’s unlikely, but not impossible, hence why the less polished approach.

It’s only been a week?!?

I am a hard-core, die-hard Montreal Canadians fans & can’t really imagine even being a minority owner of the Nordiques in some ways, but if someone in a class I taught (at McGill in 2022, or Concordia including undergrads, masters & PhD Students while an undergrad teacher’s assistant) would ask me, well then.

After hearing the cries & please and pleas from the faithful, given my nature, I wanted to start off by educating myself a bit. I’m using this “The Academy” case study to also showcase how I think the world of consulting and investment banking will evolve. I do want to highlight this, as this exercised helped me crystallize a myriad of initiatives so want to put it all into context as I do actually see an unlikely, but ultimately effective path.

I will review this myself after publishing and anyone who wants to help me address the weaknesses, I’ll be following/reading but no obligations. Les Nordiques is an exercise in curiosity, problem solving but ultimately a labor of love. As it seems like a long shot. La bonne nouvelle, your vous, is this is my jazz. As WatchMojo celebrates its 20 year anniversary on January 23, 2026, I want to present some ideas to all my stakeholders on a myriad of directions to take the business by presenting them with some options, and once I hear from them all… showtime (as I told TVA’s Jean-Charles Lajoie: bringing back the Expos is actually much easier than the challenges I faced surviving WatchMojo before thriving. This, Les Nordiques? Well, let’s start and I’ll let you know what I think.

I. Executive Summary

This analysis evaluates whether Quebec City can realistically secure an NHL expansion franchise even with strong ownership, including an ownership face who is bilingual, culturally aligned with Quebec, globally influential through WatchMojo, and backed by institutional investors (PE, family offices, sovereign funds).

Conclusion:
While such an ownership profile solves the credibility and leadership challenges, it does not overcome the NHL’s core objections, which are structural and market-driven. A bid led by Ashkan would be the strongest Quebec City has ever presented — but in today’s NHL landscape, it would still face a low probability of success.

II. The Value of Ashkan Karbasfrooshan as Ownership Face

An NHL ownership bid requires a visible, credible leader who embodies long-term commitment, cultural alignment, and stability. Ashkan brings:

✓ Bilingual fluency — essential for Quebec.

✓ A unique identity: pro-Quebec federalist, centrist, modern, business-oriented.

✓ WatchMojo’s global footprint (40M+ subscribers, 25B+ views).

✓ Proven entrepreneurial track record.

✓ Media sophistication and storytelling capability unmatched by any prior Quebec bid.

✓ Ability to assemble institutional capital behind him.

Impact:
Ashkan would significantly strengthen the narrative, optics, and professionalism of a Quebec City bid.
He would not be the obstacle — he would be the differentiator.

III. The NHL’s Actual Barriers to Quebec City (Structural, Not Personal)

Despite the strengths of this ownership profile, the NHL’s resistance to Quebec City is rooted in economic fundamentals no owner can change:

1. Market Size

Quebec City (~850k metro) is one of the smallest potential NHL markets — smaller than Winnipeg, Buffalo, Raleigh, and Vegas.
This limits ticket yield, sponsorships, and long-term revenue growth.

2. Corporate Ecosystem

Quebec City lacks the head-office density required for:

  • premium suites
  • naming rights deals
  • corporate season ticket programs
  • high-value sponsorships
    This is the single biggest revenue limitation.

3. Media Rights Revenue

Montreal controls the Quebec hockey market; a Nordiques team would not command strong rights fees.
TVA Sports (Quebecor’s network) is financially strained.
Bell/Rogers have no strategic incentive to overpay for regional rights in Quebec City.

4. NHL Expansion Priorities

The NHL is focused on large U.S. markets with major media upside:

  • Houston
  • Atlanta
  • Kansas City
  • Portland
    Quebec City does not help U.S. national broadcast negotiations.

5. Currency Risk

Adding additional Canadian teams increases exposure to CAD volatility — the NHL is wary of over-concentration.

6. Cannibalization of Montreal Canadiens

A Quebec City franchise would likely dilute Montreal’s broadcast footprint without expanding total revenue.

In sum:
The NHL’s “no” is driven by economics, not ownership.

IV. Would Ashkan’s Ownership Bid Change NHL Behavior?

Short Answer:

It would improve the bid, but not the outcome — under current NHL strategy.

Why Not?

Even the “perfect ownership face” cannot fix:

  • market size
  • corporate depth
  • media revenue ceilings
  • U.S. expansion priorities
  • currency risk

These are non-negotiable economic realities for the NHL Board of Governors.

V. Would Pursuing this Bid Waste Investors’ Time?

If framed as:

“Quebec City is likely to get the next NHL expansion team.”
→ Yes. That would be unrealistic and misaligned with current league direction.

If framed as:

“We are building a sophisticated ownership + media group to pursue sports properties across leagues (NHL, MLB, NBA), with Quebec City as one optional scenario if the NHL’s priorities shift in 5–10 years.”
→ No. This is credible, valuable, and aligns with how institutional investors think.

If framed as:

“We are building a modern sports, entertainment, and city-building platform — a playbook applicable to multiple opportunities.”
→ This is the strongest strategy.

VI. Would This Give False Hope to Fans?

If you present yourself as “bringing back the Nordiques soon,”

→ Yes, that would create false expectations.

If you present yourself as “building the best Quebec bid for whenever the window opens,”

→ No, that is responsible and transparent.

If you present yourself as “pursuing sports ownership broadly, with Quebec City as one potential use case,”

→ No, this is realistic and avoids emotional manipulation.

VII. Strategic Recommendation (Candid, Unfiltered)

Position the initiative as:

A flexible, elite ownership + media consortium prepared for opportunities across professional sports, including — if and when the landscape changes — a Quebec City NHL team.

This approach:

  • preserves credibility
  • attracts smart capital
  • avoids fan disappointment
  • keeps NHL conversations open
  • positions WatchMojo as a cultural and media catalyst
  • does not tie your brand to a market the NHL may not approve for a decade

This is the path that balances ambition, integrity, and strategic realism.

VIII. Bottom-Line Conclusion

Would Ashkan make a Quebec City NHL bid better?

Yes — dramatically.

Would it overcome the NHL’s current reluctance?

No — not without a shift in league strategy or economics.

Should the effort be positioned as part of a broader sports ownership platform?

Absolutely — this is where the bid becomes investor-ready.

Should expectations for fans be set cautiously?

Yes — honesty protects your brand and theirs.

Ashkan ici: I would add “and their hearts.” Mais honnetement, not impossible. But complicated. And crazily so, much more than the Expos dossier. Anyway, je vous revient avec the approach & patience required and the actual model & roadmap.

“A Granicus Group insight report — by Ashkan Karbasfrooshan and Chassie, the digital yin to his analog yang.”