It was 1926, the Toronto St. Pats were in last place and were entering a dire financial situation. A young New York Rangers scout, Conn Smythe, who was recently let go by the team, moved back to Toronto with the thoughts of creating an even better team based in his hometown than the one he organized in New York.
The St. Pats situation was deteriorating and soon the team was put up for sale with an asking price of $200 000, $190 000 more than Symthe could afford. He managed to raise $160 000. Then, using his strong persuasive skills, Symthe convinced the current St. Pats owners it would be a good idea to sell to a Torontonian who would ensure that the team would remain in Toronto.
The idea appealed to the St. Pat owners. The St. Pats were sold to Symthe. He assumed control and promptly renamed the team, the Toronto Maple Leafs.