What’s a hockey team that hasn’t won a Stanley Cup — or made it past the second round of the NHL playoffs — in nearly six decades worth?According to Rogers Communications? Somewhere north of $5 billion.That’s because Toronto’s preeminent corporate behemoth has ponied up $4.7 billion to buy out rival Bell Canada’s 37.5% stake in Maple Leaf Sports & Entertainment (MLSE), the company that owns the NHL’s Leafs and NBA’s Raptors as well as the CFL’s Argonauts.The companies jointly bought a 75% stake in the company in 2012. MLSE also owns the Toronto FC soccer team and the AHL Toronto Marlies..Under terms of the deal, Bell will retain content rights for 50% of Maple Leafs’ regional games and the Raptors games for which MLSE controls the rights under a long-term 20-year agreement.In a statement, Bell said it would use the proceeds to pay down debt and “support its ongoing transformation” from a telecommunications firm into a tech company.The content deal has to be approved by the leagues in question, while the broader transaction has to be approved by the Competition Bureau.If approved, Rogers will have a 75% stake in the teams. Toronto entrepreneur Larry Tanenbaum owns a 20% while the Ontario Municipal Employees Retirement System (OMERS) owns the remaining 5%.Observers said the deal will have little impact on fans and said it would ensure the teams — especially the Leafs — would be able to retain and attract big league talent..There’s no question the Leafs need it. They haven’t won the Stanley Cup since 1967 and haven’t made it to the conference finals in the modern era after the initial expansion season in 1968.But that hasn’t stopped the Leafs from being the most valuable brand in hockey, ahead of the New York Rangers and the Montreal Canadiens, according to Forbes Magazine."MLSE is one of the most prestigious sports and entertainment organizations in the world and we're proud to expand our ownership of these coveted sports teams," Rogers CEO Tony Staffieri in a statement."Together with our sports and media assets, we plan to surface more value for shareholders long-term," said Staffieri. "This agreement also ensures long-term Canadian ownership and investment of these iconic teams."
What’s a hockey team that hasn’t won a Stanley Cup — or made it past the second round of the NHL playoffs — in nearly six decades worth?According to Rogers Communications? Somewhere north of $5 billion.That’s because Toronto’s preeminent corporate behemoth has ponied up $4.7 billion to buy out rival Bell Canada’s 37.5% stake in Maple Leaf Sports & Entertainment (MLSE), the company that owns the NHL’s Leafs and NBA’s Raptors as well as the CFL’s Argonauts.The companies jointly bought a 75% stake in the company in 2012. MLSE also owns the Toronto FC soccer team and the AHL Toronto Marlies..Under terms of the deal, Bell will retain content rights for 50% of Maple Leafs’ regional games and the Raptors games for which MLSE controls the rights under a long-term 20-year agreement.In a statement, Bell said it would use the proceeds to pay down debt and “support its ongoing transformation” from a telecommunications firm into a tech company.The content deal has to be approved by the leagues in question, while the broader transaction has to be approved by the Competition Bureau.If approved, Rogers will have a 75% stake in the teams. Toronto entrepreneur Larry Tanenbaum owns a 20% while the Ontario Municipal Employees Retirement System (OMERS) owns the remaining 5%.Observers said the deal will have little impact on fans and said it would ensure the teams — especially the Leafs — would be able to retain and attract big league talent..There’s no question the Leafs need it. They haven’t won the Stanley Cup since 1967 and haven’t made it to the conference finals in the modern era after the initial expansion season in 1968.But that hasn’t stopped the Leafs from being the most valuable brand in hockey, ahead of the New York Rangers and the Montreal Canadiens, according to Forbes Magazine."MLSE is one of the most prestigious sports and entertainment organizations in the world and we're proud to expand our ownership of these coveted sports teams," Rogers CEO Tony Staffieri in a statement."Together with our sports and media assets, we plan to surface more value for shareholders long-term," said Staffieri. "This agreement also ensures long-term Canadian ownership and investment of these iconic teams."
