It's already been explained to you that this is incorrect. Having a second Toronto team would not split the Toronto fanbase. We are talking about a top 5-7 revenue team in the NHL right out of the gate...all while the Leafs continue being a top 1-3 revenue team. But please continue being obstinate.
While I agree that Hamilton or Tor2 would be immediately a Top 7 revenue franchise, that is really not the issue here. The question is NOT: Is there enough money in the Golden Horseshoe and/or Southern Ontario to support 2 or even 3 teams? Of course there is.....
The real question is: Aside from the expansion money, what does the presence of 1 or 2 more teams there do for the bottom line of the other owners? And, the answer goes like this:
1- It raises the salary cap, so it costs them a little bit of money.
2- While LOCAL revenue would be huge, it is not a sure thing that the Canada wide TV contract value changes
3- It does nothing for the American marketing. In other words....Not much merchandise sales, and no one in the States really wants to watch Hamilton on TV.
So, while it is a very viable market, it doesn't help Jacobs, et al..... And, therefore, it may not be at the top of the list.