For the first season, 1917–18, the team operated without a formal organization separate from the Arena Company and without an official club nickname.

After the 1918–1919 season, the Arena Company was granted a permanent franchise in the NHL, which evolved into today's Toronto Maple Leafs.

They also needed a fourth team to balance the schedule, since the Bulldogs were forced to suspend operations due to financial troubles (and, as it turned out, would not return until 1920).

Many of the players signed contracts with both Livingstone and the Torontos, and often were paid in cash or personal cheques on a week-by-week basis.

Despite this uncertainty, the team was successful from the start under coach Dick Carroll and general manager Charlie Querrie.

Since the Torontos had won the Cup, even more revenue was at stake and Livingstone held out for $20,000, though the Arena offered $6,000.

They also decided that only NHL teams would be allowed to play at the Arena Gardens, effectively foreclosing Livingstone's efforts to resurrect the NHA.

[3] To restate and clarify a somewhat confusing series of events: four of the five clubs that played in the NHA seceded to form the NHL in 1917.

The players from the fifth club, the Blueshirts, were "leased" to the Arena Company and skated as a "temporary" Toronto NHL franchise in the league's inaugural season.

After the Torontos won the Stanley Cup, the Arena Company was granted a permanent NHL franchise, but retained the former Blueshirts players.

This was partly due to the legal status of the team; since most players were really still "property" of the Blueshirts, they didn't have formal contracts and were being paid under the table in cash.