When he bought the Leafs, new owner Conn Smythe had big plans for the team, but lacked the necessary budget. It forced him to come up with an unusual plan to finance his dream acquisition, Hall of Fame defenseman King Clancy, a fan favourite on the rival Ottawa Senators. Smythe bought a cheap racehorse named Rare Jewel who had never won a race. In 1930, he optimistically entered her in the Coronation Futurity Stakes and placed a bet on her at 107–1 odds.
Unbelievably, the horse won. The winnings gave Smythe the money he needed to land Clancy, who was acquired for two players and a record-setting price of $35,000. In turn, Clancy led the Leafs to a Stanley Cup victory in 1932 and attracted the financial support Smythe needed to build a new downtown home for his team: Maple Leaf Gardens, which opened just six months later.