Featured image credit: Scotiabank Arena
Rogers Communications is set to become the majority owner of Maple Leaf Sports & Entertainment (MLSE) after signing an agreement to acquire the 37.5% ownership stake held by rival telecommunications company Bell Media for C$4.7bn (£2.61bn/€3.11bn/$3.46bn).
Through the deal announced today (Wednesday), Rogers will be the largest owner of MLSE with a controlling interest of 75%. The other 25% stake is held by MLSE chairman, Larry Tanenbaum.
MLSE, one of the world’s leading sports and entertainment companies, owns the likes of the NHL’s Toronto Maple Leafs, NBA’s Toronto Raptors (NBA) and Major League Soccer’s Toronto FC. MLSE also owns and operates Scotiabank Arena, home to the Maple Leafs and Raptors, and has a partnership with Live Nation.
MLSE has also invested in and operates five of Toronto’s sports facilities, including BMO Field, home of Toronto FC, and Coca-Cola Coliseum.
With Rogers also owning MLB’s Toronto Blue Jays and its Rogers Centre stadium, today’s announcement is set to give it significant influence in sport and entertainment in the Canadian city. The company also has strategic partnerships with other Canadian NHL teams the Vancouver Canucks, Edmonton Oilers, and Calgary Flames, as well as the league itself.
“MLSE is one of the most prestigious sports and entertainment organisations in the world and we’re proud to expand our ownership of these coveted sports teams,” said Tony Staffieri, president and CEO of Rogers. “As Canada’s leading communications and entertainment company, live sports and entertainment are a critical part of our core business strategy.
“MLSE continues to appreciate significantly, and together with our sports and media assets, we plan to surface more value for shareholders long-term. This agreement also ensures long-term Canadian ownership and investment of these iconic teams.”
The transaction is subject to league and regulatory approvals. In May, MLSE commenced work on the second phase of a major renovation project at Scotiabank Arena. Details of the C$350m facelift were announced in October last year, with the project to result in upgrades to concourses, suites, premium clubs, retail spaces, and food and beverage offerings.
Earlier this month, Toronto’s Professional Women’s Hockey League (PWHL) team announced that Coca-Cola Coliseum will serve as its primary home venue during the 2024-25 season.
Rogers is also undertaking a major, multi-phase redevelopment of Rogers Centre, with the Blue Jays this month announcing plans for a new field-side corner club at the stadium.
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