Bell sells ownership stake in Maple Leaf Sports & Entertainment; Rogers becomes majority owner

By Sarah Jean Maher, Eric Koreen and Chris Johnston

Rogers signed a deal to purchase Bell’s 37.5 percent ownership stake in Maple Leaf Sports & Entertainment (MLSE), which owns the Toronto Maple Leafs and Toronto Raptors, for $4.7 billion Canadian dollars ($3.46 billion USD), making it the majority owner of the sports entertainment company.

“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,” Tony Staffieri, Rogers president and CEO, said. “As Canada’s leading communications and entertainment company, live sports and entertainment are a critical part of our core business strategy.”

Bell and Rogers jointly acquired a 75 percent stake in MLSE from the Ontario Teachers’ Pension Plan in 2012.

Sportsnet, which Rogers owns, will continue to broadcast 50 percent of Maple Leafs regional games and 50 percent of Raptors games. Subject to league approval, the deal allows Bell, which owns TSN, to renew its MLSE broadcast and sponsorship rights, including access to content rights for 50 percent of Maple Leafs regional games and 50 percent of Raptors games.

How the deal affects the Raptors

On the NBA and Raptors side, the news puts the spotlight on one person: team president and vice-chairman Masai Ujiri. When Ujiri was up for a new contract in 2021, Rogers chairman Edward Rogers reportedly most heavily scrutinized the decision to pay Ujiri as a top-of-market NBA executive two years after the Raptors won a title. It hasn’t always been smooth since then, with Ujiri encouraging MLSE to go after a WNBA team and Rogers being a big driver in turning down that opportunity.

Larry Tanenbaum, who maintains a minority share in MLSE, brought an expansion WNBA team to Toronto that starts in 2026, and he is Ujiri’s biggest supporter. Tanenbaum was recently re-elected as the chair of the NBA’s board of governors and still wields power within the league. Ujiri’s contract runs through 2025-26. But with Rogers reportedly having the right to buy out Tanenbaum’s minority share in 2026, per Sportsnet, and Ujiri’s contract running out at the same time, it is easy to wonder how a relationship between Ed Rogers, as the unquestioned leader of the organization, and Ujiri would work — if it could work.

Rogers also owns the Toronto Blue Jays and their home stadium, Rogers Centre. — Eric Koreen, Raptors beat writer

How it affects the Maple Leafs

The ownership shakeup comes at an interesting time for the Maple Leafs, who have qualified for the playoffs for eight straight years but only advanced beyond the first round once during that span. That has not been good enough for the team’s rabid fanbase or MLSE.

Keith Pelley, hired away from running the European golf tour to become CEO of MLSE in March, made that clear when he spoke to reporters after the Leafs first-round loss to Boston in May.

“The fans here not only deserve but demand a championship. And there’s no complacency,” said Pelley. “We’re not here to sell jerseys. We’re here to win. And we’re going to do everything we possibly can to do that.”

How the new Board of Directors approaches the hockey operations department bears watching given the growing impatience with the organization’s lack of playoff success. Brendan Shanahan is into his 11th year as Leafs president and is believed to be in the final season of his contract, although he declined to clarify his contractual status when asked by The Athletic in May.

General manager Brad Treliving is entering his second season with the Leafs, who hired coach Craig Berube over the summer.

As for the media side, BCE announced that it had secured another 20 years of rights as part of the sale. TSN is scheduled to air 26 Leafs games regionally during the 2024-25 season. — Chris Johnston, NHL senior writer

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(Photo: David Kirouac / Icon Sportswire via Getty Images)