Publicly owned since 1974, the Jets are required to be purchased by a private investor upon joining the NHL as a group led by Barry Shenkarow purchases the team from Jets fans who proudly paid $25 a share to buy a piece of the organization. After losing their first two games on the road, the Jets beat the Colorado Rockies 4-2 in their first NHL home game at the newly renovated Winnipeg Arena.

The team that joined the NHL is a far cry from the one that won three of the last four WHA titles as they were only allowed to keep three players. The rest were put into a dispersal draft, as they finished in fifth place in the Smythe Division with a record of 20-49-11 missing the playoffs.