Conn Smythe

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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.

In Their Own Story

The atmosphere inside the new arena was electric from its opening night on November 12, 1931. Conn Smythe had orchestrated a massive undertaking, converting a hockey team into a public company named Maple Leaf Gardens Limited (MLGL) to fund the construction. He transferred ownership of the Leafs to MLGL in exchange for shares, while selling stock to the public at $10 each—a move that included a free common share for every five preferred shares purchased. The building was designed by Ross and Macdonald with 14,550 seats including standing room. Smythe’s vision extended beyond hockey; he even bought the Rochester Americans in 1956 to serve as a farm team, initially holding 27.5% alongside Montreal before buying out their share to gain full control by 1964. His hands-on approach saw him relocate teams like the Spokane Comets to Denver and then Victoria when targets weren't met, selling them for $500,000 in 1967.

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.

Did You Know?

• Smythe bought the St. Patricks for $200,000 after persuading owner Charles Querrie that civic pride was more important than money.
• Construction workers were paid 20% of their salary in Maple Leaf Gardens stock to help fund the arena's construction.
• The new arena cost $1.5 million to build, which is equivalent to $30 million in 2025 dollars.
• Smythe briefly owned a lacrosse team named the Toronto Maple Leafs in the International Lacrosse League during the 1932 season before pulling out due to losses.
• The site for Maple Leaf Gardens was purchased from The T. Eaton Co. Ltd. for $350,000, which was $150,000 below market value.