On November 9, 1917, it was reported that the Toronto NHA franchise was sold to Charles Querrie of the Toronto Arena corporation. At this point, NHA president Robertson and secretary Calder denied that the NHA would change, dissolve or adopt other subterfuge. This sale never completed.
The November 10, 1917 annual meeting of the NHA was presided over by Mr. Calder. The NHA votes to suspend operations, without announcing their intentions publicly. At the meeting, Livingstone's representative offers to allow the Arena Gardens to manage the Torontos and lease the players.
On November 17, 1917, it was announced that Quebec had dropped out, but that NHA league play would continue.
On November 26, 1917, representatives of the NHA clubs met at the Windsor Hotel in Montreal. The decision to start a new league is finalized and announced. The decision was made to start a new league, the NHL:
A Toronto franchise was to be operated 'temporarily' by the Arena Gardens while the Toronto ownership situation was resolved. The franchise uses the players of the Blueshirts, including those who had been transferred to other NHA teams for the second half of the 1916–17 NHA season. While Livingstone agreed to a lease of the team, the NHL owners do not intend to share any revenues from the players. Livingstone would sue for the team's revenues in 1918. George Kennedy, owner of the Canadiens, would later say:
"The Toronto players belong as a body to the National Hockey League, for they were only loaned to the Toronto Arena Company, though Livingstone tried to make the Arena Company believe that he controlled those players
The team played without a nickname for the season.
According to Holzman, the NHL itself was intended to operate temporarily until the Toronto NHA franchise was resolved. The NHA had a pending lawsuit against the 228th Battalion, and could or would not fold until after that was heard.
On January 9, 1918, the league decided to allow goaltenders to drop to the ice surface in order to make saves. This was the first implemented and amended rule change in the National Hockey League. It was done in response to Ottawa's Clint Benedict constantly falling to make saves.
The new league faced stiff competition for players from a number of other leagues including the Pacific Coast Hockey Association. Also, filling rosters was a challenge because the talent pool was decimated by World War I.
The Wanderers were in trouble from the start of the season. They won their home opener but drew only 700 fans. The Wanderer then lost the next three games and owner Lichtenhein threatened to withdraw from the league unless he could get some players. Although they could have acquired Joe Malone in the draft they turned to the PCHA and signed goaltender Hap Holmes. They also obtained permission to sign such players as Frank Foyston, Jack Walker and others if they could do so. The Wanderers loaned Holmes to the Seattle Metropolitans of the PCHA but he eventually found his way back to the NHL when Seattle loaned him to Toronto.
A league meeting was planned to deal with the situation, however on January 2, 1918, the matter was resolved when the Montreal Arena burned down, leaving the Canadiens and Wanderers homeless. The Canadiens moved into the 3,250 seat Jubilee Rink. The Hamilton arena offered to provide a home for the Wanderers, but Lichtenhein disbanded the team on January 4, after the other clubs refused to give him any players. The remaining three teams would complete the season.
The last active player from the inaugural season was Reg Noble, who retired following the 1933 Stanley Cup Playoffs.
The first game of the season featured Toronto versus the Wanderers. Montreal's Dave Ritchie scored the first goal in NHL history and Harry Hyland had four goals in the Wanderers 10–9 victory, which would be their only one in the NHL. The opening game was played in front of only 700 fans.
On January 28, when Canadiens visited Toronto, players Alf Skinner and Joe Hall got into a stick-swinging duel. Both players received match penalties, $15 fines and were arrested by the Toronto Police for disorderly conduct, for which they received suspended sentences.
| First Half | GP | W | L | T | Pts | GF | GA |
|---|---|---|---|---|---|---|---|
| Montreal Canadiens | 14 | 10 | 4 | 0 | 20 | 81 | 47 |
| Toronto | 14 | 8 | 6 | 0 | 16 | 71 | 75 |
| Ottawa Senators | 14 | 5 | 9 | 0 | 10 | 67 | 79 |
| Montreal Wanderers | 6 | 1 | 5 | 0 | 2 | 17 | 35 |
| Second Half | GP | W | L | T | Pts | GF | GA |
|---|---|---|---|---|---|---|---|
| Toronto | 8 | 5 | 3 | 0 | 10 | 37 | 34 |
| Ottawa Senators | 8 | 4 | 4 | 0 | 8 | 35 | 35 |
| Montreal Canadiens | 8 | 3 | 5 | 0 | 6 | 34 | 37 |
Wanderers defaulted scheduled games against the Canadiens (Jan. 2, 1918) and Toronto (Jan. 5, 1918), when their arena burned down. These appear as losses in the standings, but the games were not played.
"The league did not accept the Wanderers' resignation immediately, electing to wait and see whether the team showed up for its scheduled match in Toronto on Saturday January 5. ... The deadline did expire, and the once-powerful team that had been known as the Little Men of Iron was thrown onto the scrap heap of hockey history. The Wanderers' scheduled games of January 2 and 5 were officially recorded in the standings as victories for their respective opponents, the Canadiens and Torontos." — Holzman.
| Month | Day | Visitor | Score | Home | Score |
|---|---|---|---|---|---|
| Dec. | 19 | Ottawa | 4 | Canadiens | 7 |
| 19 | Toronto | 9 | Wanderers | 10 | |
| 21 | Ottawa | 4 | Toronto | 11 | |
| 21 | Canadiens | 11 | Wanderers | 2 | |
| 26 | Ottawa | 6 | Wanderers | 3 | |
| 26 | Canadiens | 5 | Toronto | 7 | |
| 29 | Wanderers | 2 | Ottawa | 9 | |
| 29 | Toronto | 2 | Canadiens | 9 | |
| Jan. | 2 | Toronto | 6 | Ottawa | 5 |
| 2† | Wanderers | - | Canadiens | - | |
| 5 | Ottawa | 5 | Canadiens | 6 (27' OT) | |
| 5† | Wanderers | - | Toronto | - | |
| 9 | Canadiens | 4 | Toronto | 6 | |
| 12 | Ottawa | 4 | Canadiens | 9 | |
| 14 | Toronto | 6 | Ottawa | 9 | |
| 16 | Ottawa | 4 | Toronto | 5 | |
| 19 | Toronto | 1 | Canadiens | 5 | |
| 21 | Canadiens | 5 | Ottawa | 3 | |
| 23 | Ottawa | 4 | Canadiens | 3 | |
| 26 | Toronto | 3 | Ottawa | 6 | |
| 28 | Canadiens | 1 | Toronto | 5 | |
| 30 | Canadiens | 5 | Ottawa | 2 | |
| Feb. | 2 | Toronto | 2 | Canadiens | 11 |
| 4 | Ottawa | 2 | Toronto | 8 |
† Montreal Arena burned down and Wanderers withdraw. Two Wanderers games count as wins for Canadiens and Toronto.Second half
| Month | Day | Visitor | Score | Home | Score |
|---|---|---|---|---|---|
| Feb. | 6 | Canadiens | 3 | Ottawa | 6 |
| 9 | Toronto | 7 | Canadiens | 3 | |
| 11 | Ottawa | 1 | Toronto | 3 | |
| 13 | Toronto | 6 | Ottawa | 1 | |
| 16 | Ottawa | 4 | Canadiens | 10 | |
| 18 | Canadiens | 9 | Toronto | 0 | |
| 20 | Toronto | 4 | Canadiens | 5 | |
| 23 | Ottawa | 3 | Toronto | 9 | |
| 25 | Canadiens | 0 | Ottawa | 8 | |
| 27 | Ottawa | 3 | Canadiens | 1 (at Quebec) | |
| Mar. | 2 | Canadiens | 3 | Toronto | 5 |
| 6 | Toronto | 3 | Ottawa | 9 | |
| Player | Team | GP | G | A | Pts | PIM |
|---|---|---|---|---|---|---|
| Joe Malone | Montreal Canadiens | 20 | 44 | 4 | 48 | 30 |
| Cy Denneny | Ottawa Senators | 20 | 36 | 10 | 46 | 80 |
| Reg Noble | Toronto | 20 | 30 | 10 | 40 | 35 |
| Newsy Lalonde | Montreal Canadiens | 14 | 23 | 7 | 30 | 51 |
| Corbett Denneny | Toronto | 21 | 20 | 9 | 29 | 14 |
| Harry Cameron | Toronto | 21 | 17 | 10 | 27 | 28 |
| Didier Pitre | Montreal Canadiens | 20 | 17 | 6 | 23 | 29 |
| Eddie Gerard | Ottawa Senators | 20 | 13 | 7 | 20 | 26 |
| Jack Darragh | Ottawa Senators | 18 | 14 | 5 | 19 | 26 |
| Frank Nighbor | Ottawa Senators | 10 | 11 | 8 | 19 | 6 |
| Name | Club | GP | GA | SO | Avg. |
|---|---|---|---|---|---|
| Georges Vezina | Canadiens | 21 | 84 | 1 | 4.0 |
| Harry Holmes | Toronto | 16 | 76 | 4.8 | |
| Clint Benedict | Ottawa | 22 | 114 | 1 | 5.2 |
| A. Brooks | Toronto | 3 | 18 | 1 | 6.0 |
| Sam Hebert | Toronto/Ottawa | 2 | 15 | 7.5 | |
Toronto vs. Montreal Canadiens
| Date | Away | Score | Home | Score | Notes |
|---|---|---|---|---|---|
| March 11 | Montreal Canadiens | 3 | Toronto | 7 | |
| March 13 | Toronto | 3 | Montreal Canadiens | 4 |
Vancouver Millionaires vs. Toronto
| Date | Away | Score | Home | Score | Notes |
|---|---|---|---|---|---|
| March 20 | Vancouver Millionaires | 3 | Toronto | 5 | |
| March 23 | Toronto | 4 | Vancouver Millionaires | 6 | |
| March 26 | Vancouver Millionaires | 3 | Toronto | 6 | |
| March 28 | Toronto | 1 | Vancouver Millionaires | 8 | |
| March 30 | Vancouver Millionaires | 1 | Toronto | 2 |
| Player | Team | GP | G | A | Pts |
|---|---|---|---|---|---|
| Alf Skinner | Toronto | 7 | 8 | 3 | 11 |
| Newsy Lalonde | Canadiens | 2 | 4 | 4 | |
| Harry Cameron | Toronto | 7 | 4 | 4 | |
| Harry Meeking | Toronto | 7 | 4 | 4 | |
| Reg Noble | Toronto | 7 | 3 | 3 | |