Toronto FC was founded in 2006 by Maple Leaf Sports & Entertainment Ltd, who also run the Toronto Maple Leafs hockey team and the Toronto Raptors basketball team. Despite the team's relative youth, it was named by Forbes as the second most valuable club in all of Major League Soccer in 2008, behind LA Galaxy.
The team entered Major League Soccer in 2007 and in doing so, became the first Canadian club to compete in the league. They have since been joined by Vancouver Whitecaps FC and Montreal Impact. Prior to the arrival of those Canadian clubs, Toronto FC began to establish a rivalry with Columbus Crew, with the two annually contesting the Trillium Cup. Since then, Montreal Impact have arguably overtaken the Columbus Crew as Toronto FC's main rivals, based on a historic hockey rivalry between the two cities and the close proximity of the two teams.
Since entering the MLS, Toronto FC have so far failed to win a major trophy in the league. However, the team was crowd Canadian champions in 2009, 2010, 2011 and 2012. Furthermore, the club reached the semi-finals of the CONCACAF Champions League in the 2011-12 season.
Some of the notable players to ply their trade for Toronto FC since the team's formation include Torsten Frings, Dwayne De Rosario, Rohan Ricketts, Danny Koevermans, Danny Dichio, Chad Barrett and Stefan Frei, who currently holds the record for most appearances for the club.
The club currently plays its home matches at BMO Field, which was opened in 2007 and is located in Exhibition Place in Toronto. The stadium currently has a total capacity of 21,859 for league matches, but its record attendance was set at 22,453 for a match against Los Angeles Galaxy in April 2011. The ground is also used by the Canadian national team.