Rogers Acquires 37.5% MLSE Stake From BCE for $3.5B

Rogers Communications has reached an agreement to acquire BCE’s 37.5% stake in Maple Leaf Sports and Entertainment for CA$4.7 billion ($3.48 billion based on current exchange rates). MLSE is the parent company of the NHL’s Toronto Maple Leafs, the NBA’s Toronto Raptors and MLS’ Toronto FC.

Rogers already owned 37.5% of MLSE, and it puts a total valuation on the entity of $9.3 billion. Rogers also owns the Toronto Blue Jays, who are worth $2.27 billion, according to Sportico. Larry Tanenbaum owns the remaining 25% stake in MLSE, which also includes the Canadian Football League’s Toronto Argonauts.

The transaction is expected to close in mid-2025, subject to league approvals.

“We are proud of our time as co-owners of these iconic sports teams, and through this agreement have ensured that fans can count on Bell’s continued support of their teams,” Mirko Bibic, BCE’s CEO, said in a statement. “Today’s announcement demonstrates that we are focused on creating the financial flexibility to support our ongoing transformation and core growth drivers.” 

BCE intends to use the proceeds to reduce debt and to support its ongoing transformation “from telco to techco.” In addition, Bell Media reached a long-term agreement with Rogers to continue to share broadcast rights for the Maple Leafs and Raptors on TSN for the next 20 years. Bell will also remain the official telecom sponsor of the Raptors, along with sponsorships of the Argonauts and Toronto FC.

In 2012, competing telecom giants Rogers and BCE teamed up to purchase a majority of MLSE from the Ontario Teachers’ Pension Plan for CA$1.32 billion ($1.78 billion). The value of teams in the NBA and NHL have exploded since then. Sportico most recently valued the Raptors at $4.1 billion, the ninth highest in the NBA, and the Maple Leafs at $2.65 billion, tops in the NHL. In January, Sportico reported Toronto FC was valued at $725 million, ninth overall in MLS.

The ownership structure of MLSE is unique among major sports franchises. In addition to competitors owning equal stakes, Tanenbaum, with the smallest stake of the three groups, was MLSE chairman and served as the governor for the Raptors, Maple Leafs and Toronto FC on league matters. Last week, the NBA re-elected the 79-year-old billionaire as NBA board chairman. Rogers and BCE held the right to purchase Tanenbaum’s MLSE stake in 2026.

Last year, Rogers and BCE challenged Tanenbaum’s plan to sell a 20% stake in Kilmer Sports to the Ontario Municipal Employees Retirement System (OMERS). Kilmer holds Tanenbaum’s MLSE stake, and the deal valued MLSE at $8 billion. The transaction was ultimately approved.

“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 said. “MLSE continues to appreciate significantly, and together with our sports and media assets, we plan to surface more value for shareholders long-term.”

(This story has been updated throughout with more information on the sale and to clarify that MLSE has reached an agreement to acquire BCE’s stake.)