Harold Ballard - Death and Estate

Death and Estate

Even before his death, there had been battles between his children, Bill Ballard, Harold Ballard Jr., and Mary Elizabeth Flynn, and his longtime companion, Yolanda Ballard (though she and Harold never married, she had her name legally changed; she claimed to have been with Ballard for eight years at the time of his death).

In 1989, Bill Ballard was convicted of assaulting Yolanda and fined $500. Yolanda was not invited to Ballard's funeral, nor to the reading of his will. She fought with Ballard's family and partners over Ballard's estate following his death. In his will, Ballard had left Yolanda $50,000 a year for the rest of her life, but she considered this inadequate and sued for $192,600 and later $381,000 a year. The court awarded her $91,000.

According to Ballard's lawyer, his estate was worth less than $50 million. Most of the money was left to a charitable foundation. Ballard left his personal belongings to his children and grandchildren. Ballard's three children had all previously received shares in Maple Leaf Gardens that they sold for more than $15 million each. The executors of Ballard's will were Steve Stavro, Don Giffin and Don Crump. In 1991, Stavro paid off a $20 million loan that had been made to Ballard in 1980 by Molson. In return, he was given an option to buy Maple Leaf Gardens shares from Ballard's estate. Molson also agreed to sell its stake in Maple Leaf Gardens Ltd. to Stavro. That deal closed in 1994, and shortly after Stavro bought Ballard's shares from the estate for $34 a share or $75 million. The purchase was the subject of a securities commission review and a lawsuit from Ballard's son Bill, but the deal stood and Stavro and his partners in MLG Ventures became the new owner of the Leafs and Maple Leaf Gardens.