The Bell Canada logo is seen on June 21, 2016, in Montreal. Bell has announced that it is selling its stake in Maple Leaf Sports & Entertainment to Rogers. (Paul Chiasson/The Canadian Press)
Rogers Communications is set to buy Bell Canada's stake in Maple Leaf Sports & Entertainment (MLSE) for $4.7 billion, expanding its control over the company that owns the Toronto Maple Leafs and Toronto Raptors. MLSE, a major sports and entertainment organization, also includes Toronto FC, the AHL's Toronto Marlies, and the CFL's Toronto Argonauts.
Bell Canada Enterprises (BCE Inc.), which currently holds 37.5% of MLSE, announced on Wednesday that the deal is expected to be finalized by mid-2025. The sale is part of Bell's strategy to reduce debt and shift focus from telecommunications to technology.
Though Bell will sell its ownership stake, it will continue to share broadcasting rights for the Maple Leafs and Raptors with Rogers. A long-term, 20-year agreement between Bell Media and Rogers will renew these rights once the current deal expires. Pending league approvals, Bell will retain rights to 50% of Maple Leafs regional games and 50% of Raptors games under MLSE's control.
Rogers and Bell have jointly owned a 75% stake in MLSE since August 2012, a partnership that Cary Kaplan, president of Cosmo Sports Entertainment in Toronto, described as rare—comparing it to "Coke and Pepsi owning a team together." Despite the buyout, fans may not see immediate changes, though Kaplan speculated that Rogers could significantly increase spending on the teams, much like other big-market franchises.
With the completion of this deal, Rogers will hold a 75% majority ownership of MLSE. The transaction is still subject to regulatory approval, and a spokesperson for the Competition Bureau confirmed that the regulator will review the proposed deal.
MLSE’s chair, Larry Tanenbaum, retains a 20% stake in the company. In 2023, he sold a 5% share to the Ontario Municipal Employees Retirement System (OMERS), a Canadian pension fund.
Rogers CEO Tony Staffieri expressed pride in expanding the company’s ownership of MLSE, calling it one of the world's most prestigious sports and entertainment organizations. He emphasized that this move aligns with Rogers' strategy to create long-term value for shareholders while ensuring continued Canadian ownership and investment in these iconic teams.
Staffieri also noted that the acquisition would not affect Rogers' debt leverage, as financing for the purchase will involve private investors.
BCE Inc. CEO Mirko Bibic reflected positively on Bell's time co-owning the sports teams, highlighting the company’s focus on financial flexibility as it continues to evolve and prioritize core growth areas.
