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Toronto group bids for second NHL team

TORONTO - A Toronto-based group has come forward with aproposal to launch a second NHL franchise in the city in time forthe 2012-13 season.

The Toronto Legacy Group suggested during a news conference onFriday that about $900 million in financing is already in place forthe proposed expansion team.

The team would be known as the Toronto Legacy and play out of a30,000-seat arena proposed for Downsview Park.

The group led by Andrew Lopez has proposed that 25 percent ofits annual net profits would be divided among charitablefoundations and nonprofit organizations.

Lopez says his group is not affiliated with Blackberrybillionaire Jim Balsillie, who is looking to relocate the PhoenixCoyotes to Hamilton, Ontario.

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