The American League votes to expand to Toronto, awarding a franchise to a group consisting of Labatt’s Breweries (45%), the Imperial Trust, Ltd (45%), and CIBC (10%), who will eventually purchase the rights for the team for $7 million. At first, the decision will appear in peril when President Gerald Ford attempts to put pressure on MLB to give the expansion franchise to Washington, D.C., which has been without a major league team since the Senators moved to Arlington, Texas to become the Rangers following the 1972 season.
On March 26, 1976 — The American League votes to expand to Toronto, awarding a franchise to a group consisting of Labatt’s Breweries (45%), the Imperial Trust, Ltd (45%), and CIBC (10%), who will eventually purchase the rights for the team for $7 million. At first, the decision will appear in peril when President Gerald Ford attempts to put pressure on MLB to give the expansion franchise to Washington, D.C., which has been without a major league team since the Senators moved to Arlington, Texas to become the Rangers following the 1972 season.
Source:
National Pastime