TORONTO — A new Toronto-based group has come forward with a proposal to launch a second NHL franchise in Toronto in time for the 2012-13 season.
The Toronto Legacy Group, led by founder Andrew Lopez, laid out its vision at a news conference Friday, suggesting that C$1 billion in financing is already in place for the proposed expansion team.
The team would be known as the Toronto Legacy, and would play out of a proposed 30,000-seat arena built at Downsview Park, located in the north of the Greater Toronto Area.
The group has proposed that 25 per cent of its annual net profits will be divided amongst charitable foundations and non-profit organizations.
Lopez says his group is not affiliated with Blackberry billionaire Jim Balsillie, who is looking to relocate the Phoenix Coyotes to Hamilton.