MLSE was founded by Conn Smythe in 1931 as Maple Leaf Gardens Limited (MLGL) to act as a holding company for the Maple Leafs and their planned new arena Maple Leaf Gardens, from which the company got its name. Smythe transferred his ownership of the Leafs to the company in exchange for shares in MLGL and sold shares in the holding company to the public to help fund construction of the arena. While initially primarily a hockey company, with ownership stakes in a number of minor and junior hockey clubs including the Toronto Marlboros of the Ontario Hockey Association, the company later branched out to own the Hamilton Tiger-Cats of the CFL from the late 1970s to late 1980s, before merging with the Raptors, who were constructing the Air Canada Centre at the time, and adopting their current name in 1998. The company launched Toronto FC in 2007. Most recently, the company completed its purchase of the Argonauts in January 2018.