1993 1998 1999 2010 2019 Toronto Raptors Team Formation The Toronto Raptors were established on November 4, 1993, when the NBA, as part of its expansion into Canada, awarded its 28th franchise to a group headed by Toronto businessman John Bitove for a then-record expansion fee of $125 million. Bitove and Allan Slaight of Slaight Communications each owned 39.5%, with …