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

The Toronto Legacy Group suggested during a news conference on Friday that about $900 million in financing is already in place for the proposed expansion team.

The team would be known as the Toronto Legacy and play out of a 30,000-seat arena proposed for Downsview Park.

The group led by Andrew Lopez has proposed that 25 percent of its annual net profits would be divided among charitable foundations and nonprofit organizations.

Lopez says his group is not affiliated with Blackberry billionaire Jim Balsillie, who is looking to relocate the Phoenix Coyotes to Hamilton, Ontario.

KELLEY: Resistance from Leafs behind Coyotes battle

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