Toronto Maple Leafs Breaking News: Rogers to acquire Bell stake in MLSE

The Toronto Maple Leafs ownership is about to take a massive change. Rogers Communications announced on Wednesday, September 18th, that they would be buying out Bell's 37.5% share of Maple Leaf Sports & Entertainment (MLSE) for $4.7 billion, giving it 75% ownership of the sports conglomerate.

The Toronto Maple Leafs announced on December 9th, 2011, that the Teachers Pension Fund reached an agreement to sell their shares of MLSE to Rogers Communications and BCE, with each holding 37.5% for a combined ownership of 75%, leaving 25% to Larry Tanenbaum's Kilmer Group. The transaction of this deal closed on August 22, 2012.

This ownership structure would remain the same for 12 years until Rogers Communications' recent news of its intentions to buy out Bell. The transaction is expected to close in mid-2025. As part of the deal, Bell Media has secured access to content rights for the Toronto Maple Leafs and Toronto Raptors on TSN for the next 20 years through a long-term agreement with Rogers, which is subject to league approvals.

In 2023, Mr. Tanenbaum and OMERS (a Canadian pension fund) announced that the latter had agreed to purchase 20% of Kilmer Sports (giving it an indirect 5% holding of MLSE) for $400 million, valuing the company at $8 billion. Tanenbaum will continue in his management role of the company, with OMERS being a silent partner. So, the new ownership structure will see Rogers Communications owning 75%, Larry Tanenbaum 20%, and OMERS 5%.

Rogers to become majority shareholder of MLSE

Rogers, which owns Sportsnet, already owns Major League Baseball's Toronto Blue Jays and their stadium, the Rogers Centre. As the Majority owner of MLSE, Rogers will own 75% of the Toronto Maple Leafs (NHL), Toronto Raptors (NBA), Toronto Argonauts (CFL), Toronto FC (MLS) and Toronto Marlies (AHL).

MLSE also owns Scotiabank Arena, the OVO Athletic Centre (practice facility for the Raptors), Maple Leaf Square (37.5%) and the following businesses operated by MLSE: Real Sports Bar & Grill – a sports-themed restaurant, Real Sports Apparel – a sports clothing store, and e11even – an upscale restaurant on the corner of Bremner and York streets.

BMO Field (home of the Toronto FC and Toronto Argos) and Coca-Cola Coliseum (home of the Toronto Marlies) are venues that MLSE is invested in and operates but does not own. The City of Toronto owns those venues. MLSE is also invested in the Ford Performance Centre (practice facility for the Maple Leafs and Marlies), BMO Training Ground (practice facility for Toronto FC and Toronto FC II, and home of the TFC Academy), and Lamport Stadium (practice facility for the Argonauts).

The transaction shouldn't mean anything for the Maple Leafs front office of Brendan Shanahan or Brad Treliving, but that might change if the Leafs fail in the playoffs again.