Following the merger, the ownership structure of the now defunct MLGV was retained by MLGL. MLGH was the majority owner of MLGL, holding 51% of the company. It in turn was controlled by Stavro (55%), with minority shareholders Tanenbaum (25%) and TD Capital Group (20%). The remaining 49% of MLGL was owned by Teachers'. This tiered ownership structure gave Stavro effective control of MLGL with only a net 29% stake of the company. Teachers' invested a further $50 million in the company in the form of a convertible bond in 1998 to finance the purchase of the Raptors and ACC and complete construction of the arena.