After one season, the Ottawa Nationals were sold to John Bassett, whose father once was an owner of the Toronto Maple Leafs. The team that was originally planned to be placed in Toronto would become the Toronto Toros in their second season.

Originally Bassett wanted the Toros to play at the CNE Coliseum. Still, Bill Ballard, son of Maple Leafs Owner Harold Ballard who was in prison, did not approve, wanting them at the Maple Leafs Gardens to use their rent money as part of an extra revenue stream.

The Toros would settle on playing at the Varsity Arena, as they tried unsuccessfully to sign Maple Leafs star player Darryl Sittler. The Toros first game would end in a 4-4 tie against the Chicago Cougars on October 7th.

It would be an up and down season for the Toros, as they spent most of the season near the . 500 mark.

However, as the season came to an end, the Toros were playing their best hockey, winning their last six games as they finished in second place with a record of 41-33-4, as Billy Harris was named Coach of the Year. Much like their season in Ottawa, the Toros relied on the combination of Les Blinkley and Giles Gratton in net, as Wayne Carleton led the team in scoring with 37 goals and 55 assists.

Also, having a strong season was Wayne Dillon, who scored 30 goals, while former Maple Leafs star Carl Brewer anchored the blue line. In the playoffs, he Toros would cruise past the Cleveland Crusaders winning the first-round series in five games, as they dominated the first three games by a 12-6 margin.

The Toros would find a much tougher task in the second round against the Chicago Cougars who, despite barely making the playoffs were in the semifinals after upsetting the New England Whalers. After the Toros and Cougars split the first games, the Toros appeared to be on the way to the WHA Finals, after a 5-3 with at the Varsity Arena in Game 5.

However, with a chance to end the series in six games, the Toros would deliver one of their worst games of the season, losing 9-2. The Cougars would go on to win the series in seven games, winning the finale in Toronto 5-2.