Rogers Communications has taken full control of Maple Leaf Sports & Entertainment, locking up the last 25% of the company and putting the Raptors’ parent under one owner for the first time.
The Canadian communications and media giant, which already held 75% of MLSE after buying BCE’s 37.5% stake in September 2024, announced on July 6 that it had reached a deal to purchase the remaining share. That final slice was primarily held by Larry Tanenbaum’s Kilmer Sports Inc. The agreement still needed approval from the various leagues tied to MLSE’s teams, and it was expected to close before the end of 2026.
Rogers paid $4.35 billion Canadian for the final 25%, which works out to roughly $3.06 billion in USD.
The Raptors are the crown jewel in MLSE’s portfolio. Sportico valued the team at $5.22 billion, and the company also owns the NHL’s Toronto Maple Leafs, MLS club Toronto FC, plus smaller properties including the Toronto Argonauts and Raptors 905. MLSE also operates Scotiabank Centre and OVO Athletic Centre, the Raptors’ home arena and practice facility.
“We’re proud to bring these beloved teams together with the rest of Rogers to deliver more for fans, audiences, and customers,” said Tony Staffieri, president and CEO, Rogers. “We know how much these teams mean to fans and we are fully committed to investing to build championship-calibre teams, to enhancing the fan experience, and to delivering compelling experiences for our customers.”
Tanenbaum has been the Raptors’ governor, MLSE chairman, and chairman of the NBA’s board of governors. Under the plan, he was set to formally move on from those roles. He was expected to step down as the Raptors’ governor and the NBA’s board of governors chairman at the end of September, and leave his MLSE post once the sale closed.
Rogers CFO Glenn Brandt said during a late-July earnings call that the company intends to sell a minority stake in MLSE during the first half of 2027 after taking full control. Thursday’s announcement did not include any update on that plan.
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