From NHLN, NHL.com historian Dave Stubbs relates that on October 11, 1924, the Boston Bruins and Montreal Maroons were awarded franchises for $15k. Increase of more than 40 times the value to today's $650m expansion fee. A dollar in 1924 is worth $14.25 today. That means that $15k would be $213,750 today. A few orders of magnitude off in valuation.