With MLG aging, MLGL began planning for a new home arena for the Maple Leafs in the 1990s. At the time, the Raptors were constructing a new arena, later to be called Scotiabank Arena, which they invited the Maple Leafs to be a joint tenant at. However, MLGL reject the offer, arguing that "the footprint is too small". When Allan Slaight took over controlling ownership of the Toronto Raptors in late 1996, talks began again between the two groups. MLGL put forward a proposal to the city to construct a new $300 million shared arena just to the north, on top of the rail tracks Union Station, with the already under construction Raptors arena being converted to a bus terminal. However, the proposal died when an agreement could not reached with the City of Toronto government on rent for the land. In November 1997 MLSE submitted a new proposal for a $250 million arena at Exhibition Place. However, after years of acrimonious negotiations MLGL purchased 100% of the Raptors basketball club and the ACC, from Allan Slaight and the Bank of Nova Scotia on February 12, 1998. MLGL paid a reported $467 million, made up of $179 million for the team and $288 million for the arena. Richard Peddie, who had been President of the Toronto Raptors, was retained in the merger and became MLSE's President and CEO. That July the company adopted a new name, Maple Leaf Sports & Entertainment (MLSE), to reflect its broader holdings. MLSE subsequently ordered major modifications to the original design of the ACC, which was basketball-specific, to make it more suitable for hockey. Originally planned to cost $217 million, the budget was increased to $265 million after MLSE took control. In February 1999 the company opened the ACC as the new home to the Leafs and Raptors. MLG, which was left with no major tenants, was sold in 2004 for $12 million to Loblaw Companies, Canada's largest food retailer, which converted the ground level into one of its Loblaws franchises. A condition of the sale was that it was not to be used as a sports and entertainment facility, though MLSE eventually consented to allowing a small arena to be restored in the building to house Ryerson University's Rams.