Two years after the Dodgers and Giants departed New York, attorney William Shea announced the formation of a third major league, the Continental League, to begin playing in 1961. One of the charter teams for the league would be placed in New York.

The American and National Leagues saw a real threat in the third league and made a deal to expand for the first time in 60 years in exchange for the Continental League's folding. The AL and NL took two of the League's charter franchises, including the New York franchise, which would become the Mets.

Many people credit Shea for the new era of expansion, and he is eventually rewarded by having the Mets stadium named in his honor.