How Maple Leaf Sports and Entertainment took control of Toronto sports

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With Wednesday’s news that Rogers Communications, Inc. has reached an agreement to buy BCE, Inc.’s ownership stake of Maple Leaf Sports and Entertainment, Inc., here’s a timeline of MLSE’s ownership history of Toronto sports teams:

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PREVIOUSLY

1996 – Larry Tanenbaum buys 25% of MLG Holdings (Steve Stavro had 55%, with backing from the Ontario Teacher’s Pension Plan, which bought in in 1994, Toronto Dominion 20%).

1998 – MLG Limited buys the Toronto Raptors and the building that would become the Air Canada Centre.

2000 – Rogers buys 80% of the Toronto Blue Jays.

2003 – OTPP acquires majority holding (58%) of new Maple Leaf Sports and Entertainment. Bell Globemedia had a 15% initial stake, TD Capital Group 14%, Tanenbaum’s Kilmer Sports Inc. 13%.

2004 – Rogers buys the other 20% of the Blue Jays.

2005 – MLSE awarded Major League Soccer expansion team and agreed to fund a portion of the construction of what would become BMO Field. MLSE also partners with Rogers to host select Buffalo Bills games.

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2008 – Bell (going by CTVglobemedia) sells half of stake to Tanenbaum.

2009 – OTPP buys the other half of Bell’s stake

2011 – OTPP acquires TD Capital Group’s shares, leaving only OTPP and Tanenbaum as owners.

MLSE FORMED

OTPP sells stake to BCE and Rogers for $1.32 billion. Tanenbaum increases his own stake 5% to 25% with the deal.

2012 – Deal approved by various entities in Canada and professional sports leagues.

2013 – Tanenbaum and Edward Rogers III partnered with Jon Bon Jovi in attempt to bring Bills to Toronto, but were outbid by the Pegulas.

2018 – MLSE buys the Toronto Argonauts of the CFL.

2023 – Tanenbaum and OMERS announce OMERS purchasing 5% of MLSE (through 20% of Tanenbaum’s Kilmer Sports).

July – Globe and Mail reports Bell and Rogers sent Tanenbaum a letter that “raised questions” about the proposed sale, allegedly because deal with OMERS valued MLSE higher than the telecoms expected.

2024 – Tanenbaum lands Toronto WNBA expansion team with Kilmer Sports. Speculation has Bell as a limited partner.

2024 – BCE announces sale of its stake to Rogers.

WHAT’S NEXT?

2025 – Deal expected to close in mid-2025.

2026 – Rogers rumoured to have right to buy Tanenbaum’s stake at price to be determined (from original 2012 agreement).

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