Created as a 50–50 joint venture between NBC and WWE-owned subsidiary WWE Properties International, Inc. under the company name "XFL, LLC", the XFL was created as a "single-entity league;" instead of the franchise model used by the NFL and other major leagues, or the hybrid model where investors in the league are given operations over teams (as used in Major League Soccer), the XFL uniformly owned and operated all of its teams as one corporation, with no individual owners. Vince McMahon's original plan was to purchase the Canadian Football League (after the CFL initially approached him about purchasing the Toronto Argonauts) and "have it migrate south," while NBC, who had lost their long-held broadcast rights to the NFL's American Football Conference (AFC) to CBS in 1998, was moving ahead with Time Warner to create a football league of their own.