Conn Smythe

The investor who bought the St. Patricks on Valentine's Day

In 1927, Conn Smythe organized a group of investors to purchase the Toronto St. Patricks after majority owner Charles Querrie faced financial ruin from a lawsuit against Eddie Livingstone. The deal was finalized on Valentine's Day, and the team was immediately renamed the Toronto Maple Leafs. Smythe selected the maple leaf logo based on his experiences as a Canadian Army officer and prisoner of war during World War I. Later that same year, he purchased the junior hockey Toronto Marlboros to serve as a developmental team for the new franchise.

Quick Facts

Role: Owner
Team affiliation: Toronto Maple Leafs (from 1927)
Arena built: Maple Leaf Gardens (opened November 12, 1931)

Lore & Background

Smythe’s ownership journey began in earnest after he persuaded Querrie that civic pride outweighed money, assembling a syndicate to buy the struggling St. Patricks for $200,000. Smythe personally invested $10,000, while his group contributed $75,000 upfront and another $75,000 due 30 days later. Facing the Great Depression in 1929, he determined the team needed a new home beyond the 8,000-seat Arena Gardens. He purchased land at Carlton and Church streets from The T. Eaton Co. Ltd. for $350,000—$150,000 below market value—to build Maple Leaf Gardens.

Financing came from Sun Life backing half the expected $1 million cost, with workers paid 20% of their salary in stock. Construction began June 1, 1931, and the 12,473-seat arena opened November 12, 1931, at a total cost of $1.5 million. To fill dates, Smythe acquired an expansion franchise in the International Lacrosse League for the 1932 season, also naming it the Toronto Maple Leafs, though he withdrew after one season due to financial losses.

Reader's Guide

Fans seeking to understand the foundations of the Maple Leafs must look at Smythe’s specific financial maneuvers. He bought the St. Patricks after Querrie lost a lawsuit to Eddie Livingstone over franchise ownership. The purchase price was $200,000, with Smythe putting in $10,000 of his own money. His decision to build Maple Leaf Gardens during the Depression was bold; he secured backing from Sun Life for half the cost and paid workers partly in stock.

When the arena opened in November 1931, it cost $1.5 million. Smythe also expanded into lacrosse briefly, acquiring an International Lacrosse League franchise in 1932 before pulling out due to losses. His minor league strategy evolved significantly: he bought the Rochester Americans in 1956, took full control by 1964, sold them in 1966 for $400,000, and later operated teams like the Tulsa Oilers (launched 1964) and the New Brunswick Hawks. These moves ensured a steady pipeline of talent, though many ventures, like the Cincinnati Tigers in 1981, folded quickly after losing $750,000.