The 1948 Sydney Millionaires had good young players on their way through the system, blended with strong outside influences, which included Memorial Cup winners from the previous year’s Winnipeg Monarchs. The Millionaires played in the Cape Breton Senior Hockey League, with Glace Bay, and North Sydney (one of the best leagues in Canada at the time). The Millionaires knocked off the Halifax St. Mary’s club on their way to provincial and Maritime titles, before disposing of the Pembroke Lumber Kings to advance to the Allan Cup Eastern Canadian final against the mighty Toronto Marlboros.

The Marlies were overwhelming favourites in the best-of-five series to played entirely in Maple Leaf Gardens. Sydney shocked the Marlies 1-1 in the first game after a scoreless 10-minute overtime. The Marlboros won the second game 5-3 and the Millionaires tied the series with a dramatic 5-4 overtime-win in game three. The Marlies prevailed in the remaining games, with a 4-2 score in game four and a 5-4 overtime-win in game five. The tournament was a remarkable performance by a Millionaire team that was not expected to be a serious contender, but which came close to pulling off one of the major upsets of the era.

Members of the 1948-49 team: Johnny Arundel, Alex Birukow, Maurice Dowling, Doug Fritz, Jack Fritz (coach), Bruce Gallagher, Jackie Gibson, Bernie MacDonald, C.A. MacDonald (club president), Ray MacDonald (equipment manager), Jim MacInnis, George McCabe, George McDougall, Don McRae, Lou Medynski, Ernie Moore, Johnny Myketyn, Ron Nelson, Joe Petit, Paul Platz (captain), Cliff Roach, Ed Tucker, Joe Watts, Don Whalen.