HOW JIM GREGORY ’55, OSM Rescued the Toronto Maple Leafs Larry Colle ’69
Jim, you were a true hero for all St. Mike’s alumni for all you did for the Maple Leafs and the Majors before them. You brought fun and enjoyment back for all Toronto hockey fans everywhere. We will always be grateful. The Toronto Maple Leafs had just been blown out four games to zero in an April 1969 playoff series by the Boston Bruins. Punch Imlach was fired moments after Game 4, marking the end of a 10-year reign that saw him win four Stanley Cups. But it was an exciting time for St. Mike’s students and alumni everywhere as we heard the news on the radio soon after: 33-yearold Jim Gregory was selected by Leafs president Stafford Smythe to be the new Leafs GM. 1967 Memorial Cup Winners, Jim Gregory, GM, second from the right
It was a bold move. The Leafs were on a downward spiral. Under Punch and short-sighted ownership, they had traded their young players or lost most of their deep farm system with ill-advised cash sales. And in the disastrous 1967 expansion draft, fading veterans were protected over future stars. From 1967 to 1969, powerhouses Montreal and Boston had stockpiled draft picks and young talent. On top of all these disadvantages, Jim realized when he took over that most of the players’ contracts had run out. The Leafs’ farm system at this time was one of the barest in the NHL, behind even the expansion teams that had joined the league only two years earlier in 1967.
1964 Memorial Cup, Jim as coach
16 i BLUEBANNER
St. Michael's College School Majors' trainer, late 50s
After he was selected to be GM, one of Jim Gregory’s first public appearances was at the St. Mike’s Athletic Banquet in May 1969. I was there. During the banquet, Jim turned the event on its head by announcing at the podium that he would turn the proceedings into a ‘Meet the Press’ format and that the students could pepper him with questions. I took him up on the offer and reeled off all the number one draft picks accumulated by the Canadians and Bruins. How could we compete with that, I asked. Jim was bemused, first complimenting me for my hockey knowledge then adding the Leafs would have to move fast and work smarter to keep up with these NHL powerhouses. Afterwards, I followed him out and asked about acquiring Ron Ward, the first trade he had made as GM. Jim was shockingly candid. He did not think Ward would make the team and again thanked me for my interest. During Jim’s 10-year reign he had to deal with an unstable Leafs ownership situation. After Stafford Smythe and Harold Ballard ousted John Bassett and gained total control of the Leafs the two were subjects of federal tax charges. Tragically, Smythe soon died and Ballard gained control of the team even as he went to federal prison. But Ballard had to take out huge loans with Toronto Dominion Bank to buy the team and although the Leafs were ostensibly one of the NHL’s top teams they were deeply in debt. Ballard also had to deal with high interest rates for his loans that peaked at 18 per cent in 1981. Ballard would severely cut corners by giving his hockey operations less funds. Tower yearbook graduation picture
