Rogers and Bell team up to buy majority of MLSE
Dec 9, 2011 at 8:05 am in Business, News, Sports by TheNewsGirl
TORONTO – Rogers and Bell Canada are teaming up to buy a majority stake in Canada’s biggest sports franchise owner, Maple Leaf Sports & Entertainment, for about $1.3 billion. MLSE is the owner of the storied Toronto Maple Leafs of the NHL, their AHL affiliate Toronto Marlies, as well as the NBA’s Toronto Raptors, Major League Soccer’s Toronto FC and the Air Canada Centre.
Together, Rogers Communications (TSX:RCI.B) and Bell (TSX:BCE) will hold a 75 per cent stake in MLSE, which they are buying from the Ontario Teachers’ Pension Plan.
Rogers already owns the Toronto Blue Jays baseball team and their stadium, the Rogers Centre, as well as the broadcaster Sportsnet.
Minority owner Toronto businessman Larry Tanenbaum will increase his current 20 per cent stake in the sports ownership company to 25 per cent.