Editor’s note: Owned by Rogers Communications Inc. Sportsnet Inc., which owns a 37.5 percent stake in Maple Leaf Sports & Entertainment.
Scott Suchnick and Sportico’s Kurt Badenhausen reported Wednesday that Maple Leaf Sports & Entertainment Chairman Larry Tannenbaum is close to a deal to sell some of his shares in the company to an Ontario pension plan worth more than $8 billion.
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OMERS, an Ontario municipal employee pension plan for 540,000 employees, is preparing to purchase an undisclosed amount of Tannenbaum shares.
Sportico says $8 billion would be a record value for sports teams. The NBA and NHL must agree to any deal.
Tannenbaum owns 25 percent of the company, with Rogers Communications and Bell controlling the other 75 percent. Sportico reports that Rogers and Bell have the right of first refusal to purchase any MLSE shares.
Rogers has not yet responded to a request for comment.
MLSE owns Toronto Maple LeafsRaptors, Argonauts, Marlies, Toronto F.C and Scotiabank Arena, along with other properties
Tannenbaum’s company, Kilmer Sports Inc, increased its stake in MLSE to 25 percent when the Ontario Teachers’ Pension Plan sold 80 percent of MLSE in 2012 — with the merger of Rogers and Bell buying 75 percent.
Under the current ownership group, the Raptors, Argos, Marlies and Toronto FC have all won their respective league championships.
The Maple Leafs won their first playoff series since 2004 this year, but then lost in the second round — and haven’t claimed their first Stanley Cup title since 1967.