New Toronto Team Would Be Called "Legacy"

((HT: The Star/McGran))

The dream of another NHL team in Toronto was unveiled today, though even the pitchmen for the project admit it is a long way from coming true.

One of the greatest hockey players who never made the NHL because of his race, and a politically connected Liberal fundraiser are the latest to join an ever-growing line of people interested in bringing another hockey team to this city.

Order of Canada recipient Herb Carnegie ((pictured, thanks bleacherreport.com)), who was a star with the Quebec Aces through the 1940s, and fundraiser Paul Pellegrini, along with Andrew Lopez of Toronto Legacy Group revealed their concept for a new arena and NHL expansion team - called the Toronto Legacy - by 2012 at a news conference this morning. They say they have $1 billion in financing.

"Another hockey team in Toronto will have a great impact on the economy in the GTA and surrounding regions bursting with fans," said Jeffrey O'Brien, CEO of One Financial Corporation, the first company to have committed cash to the group via a letter of intent.

The vision for the project includes:
-- A 30,000-seat arena built in Downsview Park. The complex would also include a swimming pool, four outdoor rinks, two office towers, four condominiums, a hotel and community athletic centre.
-- Twenty-five percent of the Legacy's annual profits would be divided between charitable foundations and non-profit organizations. Carnegie's Future Aces Foundation for at-risk youth would be the first receipents.
-- About 15,000 seats for every Legacy game would cost no more than $50 apiece.
The current NHL residents in the GTA - the Toronto Maple Leafs - referred all questions about the Legacy group to the NHL, and NHL deputy commissioner Bill Daly says he's never heard of the group. "If the NHL decides this vision is worthy, we'll move ahead. If not, that's okay too," said Lopez.

Lopez says the group has investors from across the country - and one from outside the country - lined up.

"This is about our vision," said Lopez. "We have a unique approach."

Carnegie has ties to Investors Group, which has $100 billion in assets; Pellegrini, president of the Sussex Strategy Group, has ties to many investment companies, including Power Corp., and Onex Corp.

They're the third group to announce they're pursuing a team for the Greater Toronto Area. Billionaire Jim Balsillie hopes to buy the Phoenix Coyotes in bankruptcy court and move them to Hamilton; former Toronto Maple Leaf Kevin Maguire is part of a group that wants to bring a team to Vaughan.

Lopez says his group has been kicking the idea around since 2004 when they first presented their ideas to the Toronto Board of Trade.

"Our vision precedes anyone else," said Lopez. "We're not here to talk about relocation. Our goal from Day 1 was to bring a second NHL team to Toronto as an expansion franchise. The Toronto Blue Jays were an expansion franchise, the Toronto Raptors were an expansion franchise, same with Toronto FC.

"I think it's the way of Toronto. We create our own."

Glen Grunwald, now in the New York Knicks front office, was president of the Toronto board of trade when Lopez made his initial pitch.

"I was impressed by the concepts he had about making it affordable for a lot of people," said Grunwald. "It was a big arena, with more seats than the Air Canada Centre."

The NHL says expansion is not on its radar and is currently battling Balsillie in a Phoenix court to prevent him from moving the team to Hamilton.

The Toronto Legacy website is here...

Coverage from CITY-TV and CITYNews is in black as well...

Their video presentation is below...