I feel like it's very difficult in the modern era to break into an established market already serviced by an existing team. Most cities with multiples teams are historical legacies from the days when team valuations were minuscule compared to today. It made sense to have as many baseball teams in New York as possible when the only revenue came from filling seats and there was plenty enough people to do so. TV deals drive revenue and value and obviously capture a much wider market area that becomes extremely important to protect. If you do manage to enter the market, you still have to carve a fanbase out of an established sports culture (see the Clippers).
I have no doubt that Toronto could support another NHL team if it had been here since the 60's. Now MLSE would fight tooth and nail against such a notion since any growth in a new franchise would come at the expense of the Leafs and cannibalization of its market share. Forth Worth could probably host an NFL franchise, but why would Jerry Jones ever let that happen?
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Discontented suburbanite since 1994
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