Rogers Communications has received clearance from all five involved sports leagues to purchase Bell’s 37.5 per cent stake in Maple Leaf Sports and Entertainment (MLSE).
The Canadian telecommunications giant said on June 4 that it received clearance from the National Basketball Association, National Hockey League, American Hockey League, Major League Soccer, and the Canadian Football League. As previously reported, the deal will give Rogers a 75 per cent stake in the sports and entertainment organization.
MLSE currently owns the NHL’s Toronto Maple Leafs, AHL’s Toronto Marlies, NBA’s Toronto Raptors, CFL’s Toronto Argonauts, and MLS’ Toronto FC. According to the Globe and Mail, this deal now values the Toronto sports giant at $12.5 billion, a record for Canadian sports franchises.
One thing holding the deal back from completion is clearance from the CRTC, which must clear the interest in Toronto Raptors Network Ltd. They have already received the go-ahead from the Competition Bureau, which chose not to take action on the sale. Rogers also told the Toronto Star that it would still split broadcasting rights and that the TFC and Toronto Argonauts games would still be broadcast on Bell.
Rogers expects to close the deal in mid-2025, and can legally purchase the remaining 25 per cent stake of MLSE from current chair Larry Tannenbaum in 2026.
Rogers has been boosting its sports portfolio in recent years. The company just signed a new $11 billion deal to remain the NHL’s primary broadcaster in Canada for the next 12 years. It also spent two years completing a top-to-bottom renovation of the Rogers Centre to improve the fan experience at Toronto Blue Jays games.
Header image credit: Shutterstock
Source: The Globe and Mail
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