In September 2009 the Maple Leafs and Marlies opened their new hockey practice facility, the MasterCard Centre (later renamed the Ford Performance Centre). The arena was a joint venture between MLSE, the City of Toronto and the Lakeshore Lions Club to replace the nearby Lakeshore Lions Arena, and was built at a cost of $44 million, after cost overruns drove up the cost from $33.65 million. The Lions Club contributed $40 million to the project, with the city providing a $35.5 million loan guarantee. The Toronto District School Board leased the land for the arena to the Lakeshore Lions for a 50-year term. MLSE spent a further $5 million on training and medical facilities, and pays $600,000 annually to rent the building. The arena was originally operated by the Lakeshore Lions Club, but in June 2011, with the arena on the verge of defaulting on its rising debt, the City of Toronto took control and assumed its $43.4 million debt with the intention to return it to private management within 2–3 years. A city councillor has suggested that MLSE, which operates BMO Field and Coca-Cola Coliseum on behalf of the city, would be "the logical party" to take over the arena, and a spokesperson for the company said "while we don't have any interest in purchasing the facility, we are open to discussing the possibility of managing the facility on behalf of the City". MLSE's executive vice president of venues and entertainment Bob Hunter confirmed that they would bid for the right to run the building.