In February 1927, Conn Smythe and investors purchased the St. Patricks and changed the name to the Toronto Maple Leafs.
At first, Smythe turned down the offer, saying that he wanted to be an owner or part-owner of the club instead.
The St. Pats were for sale, and partner J. P. Bickell offered Smythe a chance to become part-owner.
Bickell offered to hold onto his share, if Smythe could raise $160,000 to pay of the other share-holders and take over the team.
On February 14, 1927, Smythe and partners paid $85,000 with the final $75,000 to pay off the club due within 30 days.