the site, to host the 2007 FIFA U-20 World Cup which it had bid on. The governments of Canada and Ontario agreed to provide a combined C$35 million in funding for a new stadium if the CSA was successful in acquiring the rights to the tournament. At the time, Maple Leaf Sports & Entertainment (MLSE), owners of the National Hockey League's Toronto Maple Leafs and the National Basketball Association's Toronto Raptors, was also looking for a stadium to host a new Major League Soccer (MLS) team they were considering launching. The league considered soccer-specific stadiums to be necessary for an expansion franchise to be granted, due to the improved atmosphere and control of revenue streams. The Argonauts, CSA and MLSE agreed to partner to build a new 25,000-seat, $80 million Varsity Stadium at the University of Toronto. Aside from the committed government funding, $15 million was to come from the UofT, which would own the stadium, and a $30 million loan would be taken out by the University with the annual $2.1 million financing charges paid by the Argos. However, MLSE backed out of the stadium due to a lack of financial return, and the deal ultimately fell through in 2004 when the University's new President withdrew his support after its cost rose over $100 million. Later that year, the Argos and CSA announced plans to build a 25,000-seat, $70 million stadium at York University, which would contribute the land and $15 million, with the Argos adding $20 million to the government funding. MLSE was not involved in this project. However, the Argos pulled out of the stadium after signing a new 15-year lease at Rogers Centre with significantly reduced rent. In 2005, the stadium site was moved back to Exhibition Place, on the location of the demolished Exhibition Stadium and then-existing Sports Hall of Fame building, in a partnership between MLSE and the CSA. With a total costs of $62.9 million (all figures are in Canadian dollars) to build the stadium ($72.8 million including the land), financial contributions came from multiple sources. The Canadian Federal Government contributed $27 million, the Government of Ontario added an additional $8 million, and the City of Toronto paid $9.8 million and contributed the land for the project (valued at $10 million), while retaining ownership of the stadium. MLSE contributed $8 million towards construction costs and was responsible for any cost overruns. In return,