Sports
From 1957 until 1979, Bassett was the owner of the Toronto Argonauts, a team in the Canadian Football League.
In 1957, he was named to the "Silver Seven," a committee that oversaw hockey operations for the Toronto Maple Leafs. In 1961, longtime Maple Leafs owner Conn Smythe sold most of his shares in Maple Leaf Gardens Ltd. (which owned the Maple Leafs and Maple Leaf Gardens) to a partnership of his son Stafford, Toronto Marlboros president Harold Ballard and Bassett for $2.3 million Conn later claimed that he thought he was selling only to his son, but it is very unlikely that Stafford would have been able to raise the money on his own. Bassett became chairman of the Gardens' board of directors, when Smythe resigned shorty after Toronto won the Stanley Cup in 1962. Bassett name appears on the Stanley Cup 4 times 1962, 1963, 1964, 1967.
In 1969, Ballard and Stafford Smythe were charged with tax evasion and accused of using Maple Leaf Gardens Ltd. to pay for their personal expenses. Bassett persuaded the board to fire Smythe as president and Ballard as executive vice president. The board elected Bassett as the new president.
However, Bassett did not force Smythe and Ballard to sell their shares, and they both remained on the board. This was a serious strategic blunder on Bassett's part; Smythe was still the largest shareholder, and he and Ballard controlled almost half the shares between them. A year later, Ballard and Smythe staged a proxy war to win back control. Faced with an untenable situation, Bassett resigned and sold his shares to Smythe and Ballard.
Bassett should not be confused with his son John F. Basset, who was a part owner of the United States Football League's Tampa Bay Bandits.
Read more about this topic: John Bassett (publisher)
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