NHL Commissioner Gary Bettman announced Tuesday following a meeting of the Board of Governors that the League will open a six-month process to evaluate the possibility of expanding to either Houston or Austin, Texas.

Commissioner Bettman identified the Friedkin family, led by Dan Friedkin, the CEO of The Friedkin Group, as the prospective owner of the Texas expansion franchise, which would be the NHL’s 33rd.

He said the League has entered into an agreement with the Friedkin family to explore the feasibility, adding it would be approximately a $3.5 billion investment made by the family, which includes the expansion fee that goes to the NHL and the cost of building a new arena.

Commissioner Bettman said the exploration phase will determine which market, Houston or Austin, is best suited for an NHL team.

Both markets require a new arena, he said.