In November 2002, the City of Toronto agreed to an extensive renovation of the Coliseum to attract a professional ice hockey team to the arena. At a cost of million, the arena's capacity was expanded from 6,500 to 9,700 by building a new higher roof, lowering the floor, adding new seats in the expanded area and the installation of 38 private suites. Borealis Infrastructure contributed million up front and million of borrowed funds in return for a 49-year lease to the arena. The City of Toronto invested million in the project and guaranteed Borealis' loans, while remaining the owner of the building.