Kilmer Sports Ventures has acquired a professional women's basketball team, and the yet-to-be-named team will play outside Coca-Cola Coliseum, a venue in downtown Toronto at Exhibition Place.

The team will be owned by Kilmer Sports Ventures led by Larry Tanenbaum, who is also the chairman and minority owner of Maple Leaf Sports and Entertainment, which owns several sports franchises in Toronto including the NBA's Raptors and NHL's Maple Leafs.

WNBA Commissioner Cathy Engelbert said, "International growth, I’ve been trying to think about the next steps on a global platform."

She added, "It helps us reach new audiences and bring in new partners; the thing I love about going into another country is that little girls and boys watching professional women's basketball is important too."

Toronto will be the 14th franchise for the WNBA, with expansion into the Golden State Valkyries set to commence play next year.

Toronto will play at the Coca-Cola Coliseum, which has a seating capacity of 8,700 at the exhibition venue, and may occasionally move to Scotiabank Arena. Coca-Cola Coliseum opened in 1921 and is also home to the AHL's Toronto Marlies.

Tanenbaum explained, "Women's sports are good business, just look around – it’s not a moment, it’s a movement, and it’s just the beginning, and the investment we will make in the franchise won’t be different from other franchises."

Tanenbaum confirmed that the team will also play some games in Vancouver and Montreal.

Regarding the team name, he said they will take their time and "seek input from the public."

Kilmer Sports Ventures is committed to building a training facility for the team, but until that is ready, the team will train at the Goldring Centre for High Performance Sport at the University of Toronto, and the commissioner expects the league to reach 16 teams by 2028.