Rogers Communications has taken another significant step towards acquiring Bell’s stake in Maple Leaf Sports & Entertainment (MLSE). The company announced on Wednesday that it had received the necessary approvals from key sports leagues, including the NHL, AHL, NBA, CFL, and MLS, to become the majority owner of MLSE, holding 75 percent of the company. MLSE owns major sports teams such as the Toronto Maple Leafs, Toronto Marlies, Toronto Argonauts, and Toronto FC.
Rogers Expands Its Stake in MLSE
In a statement, Rogers Communications President and CEO, Tony Staffieri, expressed his satisfaction with the league approvals. “We’re pleased to have league approvals to expand our ownership of MLSE, one of the most prestigious sports and entertainment organizations in the world,” Staffieri said. He emphasized that live sports and entertainment are a crucial part of Rogers’ core business strategy, making this acquisition a significant step forward for the company.
Partnership with Bell and TSN
Despite increasing its ownership, Rogers’ Executive Chairman, Edward Rogers, confirmed that Bell and TSN would remain partners in MLSE. He spoke positively about the partnership, stating, “They’ve been great partners. But we’re bullish for the future in being a 75-percent holder.” Edward Rogers also highlighted the strength of other remaining partners, including Kilmer Sports and OMERS, and expressed optimism for the future of the organization under their majority control.
When asked about the possibility of Rogers acquiring the remaining 25 percent of MLSE, Edward Rogers explained that the company’s current focus is on closing this deal and expanding its stake. There was no immediate plan to acquire the final share at this time.
Approval Process and Next Steps
Along with the approvals from the leagues, Rogers Communications also announced that the deal to buy Bell’s stake had already been approved by Canada’s Competition Bureau. However, the deal still requires approval from the Canadian Radio-television and Telecommunications Commission (CRTC) for Rogers to acquire “an additional indirect interest in Toronto Raptors Network Ltd.,” which operates NBA TV Canada.
MLSE Teams’ Recent Performance
Rogers’ increased ownership of MLSE comes as its teams experience mixed results. The Toronto Maple Leafs had a strong season, finishing first in the Atlantic Division with 108 points. They triumphed over the Ottawa Senators in the first round of the playoffs but were eliminated by the Florida Panthers in the second round. On the other hand, the Toronto Marlies, the AHL affiliate of the Maple Leafs, had a less successful season, finishing ninth out of 11 teams in the Eastern Conference and losing to the Cleveland Monsters in the first round of the playoffs.
Rogers Communications is now firmly positioned as the majority owner of one of Canada’s most valuable sports and entertainment assets, MLSE. While Bell and TSN remain involved, Rogers’ increased control of the company marks a new chapter for the organization. With league approvals in hand and a strong outlook for the future, Rogers is looking forward to consolidating its stake and continuing to drive success in both the sports and entertainment sectors.
