Report: Rogers, Bell close to buying majority stake in MLSE
The Canadian Press
Telecommunications giants Rogers Communications Inc. and BCE Inc. are on the verge a deal to purchase a majority stake in Maple Leaf Sports and Entertainment for more than $1.3 billion, The Globe and Mail is reporting.
Citing anonymous sources, the newspaper says the companies have reached a draft agreement with the Ontario Teachers' Pension Plan to acquire about 80 per cent of MLSE, which owns the NHL's Toronto Maple Leafs, the NBA's Toronto Raptors, Major League Soccer's Toronto FC, the Air Canada Centre and other assets.
The Globe and Mail said the deal has not been finalized and may fall apart, but its sources said the companies were in talks late Thursday night and that most of the key details had been worked out.
The report also says Rogers and BCE have won the support of minority owner Larry Tanenbaum, who owns 20 per cent of MLSE and has right of first refusal on any offer. His support clears a major hurdle for any deal.
If finalized, the sale would be one of the richest sales of sports assets in North America. However, a Rogers spokeswoman told The Canadian Press that the company does not comment on "rumours or speculation."
The report comes two weeks after Teachers' decided to keep its stake in MLSE after an eight-month review of its ownership.
Citing anonymous sources, the newspaper says the companies have reached a draft agreement with the Ontario Teachers' Pension Plan to acquire about 80 per cent of MLSE, which owns the NHL's Toronto Maple Leafs, the NBA's Toronto Raptors, Major League Soccer's Toronto FC, the Air Canada Centre and other assets.
The Globe and Mail said the deal has not been finalized and may fall apart, but its sources said the companies were in talks late Thursday night and that most of the key details had been worked out.
The report also says Rogers and BCE have won the support of minority owner Larry Tanenbaum, who owns 20 per cent of MLSE and has right of first refusal on any offer. His support clears a major hurdle for any deal.
If finalized, the sale would be one of the richest sales of sports assets in North America. However, a Rogers spokeswoman told The Canadian Press that the company does not comment on "rumours or speculation."
The report comes two weeks after Teachers' decided to keep its stake in MLSE after an eight-month review of its ownership.
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