Rogers Communications has reportedly purchased a 37.5 percent stake in Maple Leaf Sports and Entertainment from BCE for $3.48 billion, giving Rogers a 75 percent ownership stake in MLSE overall.
According to Sportico’s Scott Soshnick and Kurt Badenhausen, Rogers already owned 37.5 percent of MLSE before doubling its stake. The remaining 25 percent of the company is owned by Larry Tanenbaum.
MLSE is the parent company of the NBA’s Toronto Raptors, NHL’s Toronto Maple Leafs and MLS’ Toronto FC. Based on the valuation of Rogers’ purchase, MLSE is now worth $9.3 billion in total.
In addition to now owning a majority stake in the Raptors, Maple Leafs and Toronto FC, Rogers owns Major League Baseball’s Toronto Blue Jays as well.
The only major professional sports franchise based in Toronto that Rogers does not hold majority ownership of is the CFL’s Toronto Argonauts, who are owned by Tanenbaum.
Both the Raptors and Maple Leafs have yielded mixed results in recent years, although the Raptors aren’t far removed from their first and only NBA championship.
With NBA Finals MVP Kawhi Leonard leading the way, the Raptors won it all in 2019, but Leonard left in free agency after the season, and the Raptors haven’t gotten out of the second round of the playoffs since then.
The Raptors have now missed the playoffs in back-to-back years and three of the past four, including last season when they posted their worst record since 2010-11 at 25-57.
Getting to the postseason has not been an issue for the Maple Leafs, as they have eight consecutive playoff appearances to their credit, but all of them have been quick exits.
In fact, the Leafs have won only a single playoff series during their streak, that being a first-round win over the Tampa Bay Lightning in 2023 before falling to the Florida Panthers in the second round.
The Maple Leafs are stacked with elite offensive talent such as Auston Matthews, Mitch Marner and William Nylander, but the playoffs have been a different animal than the regular season, and they remain in search of their first Stanley Cup win since 1967.
Both the Raptors and Maple Leafs are gearing up to start their 2024-25 seasons next month.
The Raptors will open by hosting the Cleveland Cavaliers on Oct. 23, while the Leafs will be on the road for their opener against the Montreal Canadiens on Oct. 9.
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