The National Hockey League has seen numerous franchises fold or relocate throughout its long history, particularly during the turbulent early decades before the establishment of the modern era. Teams such as the Montreal Maroons, Brooklyn Americans, Hamilton Tigers, Pittsburgh Pirates, and St. Louis Eagles are examples of early twentieth-century franchises that ultimately ceased operations due to financial instability, ownership struggles, or the impacts of the Great Depression and World War II. In more recent decades, the league has favored relocation over outright contraction when franchises face severe financial distress, such as the moves of the original Winnipeg Jets to Phoenix and the Hartford Whalers to Carolina. These historical movements and dissolutions reflect the volatile economic realities of professional sports management, where long-term survival depends heavily on stable ownership, strong local markets, and sustainable business models.