The team was formalized on November 4, 1993, when the NBA Board of Governors endorsed the decision of Expansion Committee and awarded its 28th franchise to a group headed by Toronto businessman John Bitove for a then-record expansion fee of US$125 million. Bitove and Allan Slaight of Slaight Communications each owned 44 per cent, with the Bank of Nova Scotia (10 per cent), David Peterson (1 per cent), and Phil Granovsky (1 per cent) being minority partners. Wagering on NBA games in Ontario nearly cost Toronto the expansion franchise, due to strict league rules at the time that prohibited gambling. However, an agreement was reached whereby the Ontario Lottery and Gaming Corporation (OLG), which is the provincial lottery corporation that regulates gambling in Ontario, agreed to stop offering wagering on all NBA games in exchange for a donation by the Raptors of $5 million in its first three years and $1 million annually afterwards to its charitable foundation to compensate OLG for its loss of revenue. The Raptors, along with the Vancouver Grizzlies, played their first game in 1995.