Larry Tanenbaum-led Kilmer Sports Ventures is paying $50m for the team. He is also the chairman and a minority owner of Maple Leaf Sports and Entertainment, the Toronto sports giant that also owns the NHL's Maple Leafs and NBA's Raptors along with the city's MLS and Canadian Football League Franchises.

Toronto will be the WNBA’s 14th franchise, with the expansion Golden State Valkyries set to start play next year.

Kilmer Sports Ventures, created as a stand-alone company to operate the team, has committed to building a practice facility, but until that is ready, it will train at the University of Toronto's Goldring Center for High-Performance Sport.