Larry Tanenbaum close to selling some of MLSE to an Ontario pension plan: report

Maple Leaf Sports & Entertainment chairman Larry Tanenbaum is closing in on a deal to sell some of his shares in the company to an Ontario pension plan for an enterprise value of more than $8 billion, Sportico’s Scott Soshnik and Kurt Badenhausen reported Wednesday.

OMERS, a pension plan for 540,000 Ontario municipal employees, is poised to buy an undisclosed amount of Tanenbaum’s shares.

Sportico says the $8-billion value would be a record value for sports teams. The NBA and NHL would have to approve any deal.

Tanenbaum owns 25 per cent of the company with Rogers Communications and Bell controlling the other 75 per cent. Sportico reports Rogers and Bell have right of first refusal to buy any shares in MLSE.

Rogers has not yet responded to a request for comment.

MLSE owns the Toronto Maple Leafs, Raptors, Argonauts, Marlies, Toronto FC and Scotiabank Arena, along with other properties

Tanenbaum’s company, Kilmer Sports Inc., increased its stake in MLSE to 25 per cent when the Ontario Teachers’ Pension Plan sold 80 per cent of MLSE in 2012 — with Rogers and Bell combining to buy 75 per cent.

Under the current ownership group, the Raptors, Argos, Marlies and Toronto FC all have won their respective league championships.

The Maple Leafs won their first playoff series since 2004 this year, but then lost in the second round — falling well short of capturing their first Stanley Cup since 1967.

Rogers Communications is the parent company of this website.