The rights to the Toronto franchise were purchased by a group of investors with links to an amateur club called the "St. Patricks".

The new owners renamed the NHL franchise after the amateur club, and as the St. Patricks the team won the Stanley Cup in 1922.

This new organization was duly admitted to the NHL as a full member in good standing, touching off a new round of litigation with Livingstone which forced the Arenas to unload most of their stars.

Livingstone won a $20,000 judgment against the Arena Company, which declared bankruptcy to avoid paying the bill.

[2] The following day, Querrie reached agreement with the owners of the amateur St. Patrick's club to purchase the franchise.

However, the St. Patricks tied the series in game four, 6–0, as John Ross Roach became the first rookie goaltender to record a Stanley Cup shutout.

Losing money due to poor attendance, the Hamblys sold their shares in the St. Patricks to Nathan Nathanson, owner of the Famous Players Theatre chain, and mining magnate J. P. Bickell in December 1924.

While Hamilton had played first, the club was on strike, making the St. Pats-Canadiens semi-final the de facto final.

Querrie lost a lawsuit to Livingstone and decided, along with major shareholder Nathan Nathanson to put the St. Pats up for sale.

[5] With the support of Bickell, who retained his share of the club, the Philadelphia bid was rejected, Smythe arguing that civic pride was more important than money.

After taking control on February 14, 1927, Smythe immediately renamed the team the Toronto Maple Leafs, after the national symbol of Canada.

Viewing the maple leaf as a "badge of courage", and a reminder of home, Smythe decided to give the same name to his hockey team, in honour of the many Canadian soldiers who wore it.