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Bell Media, Rogers Buy Toronto Maple Leafs In $1 Billion Deal

Bell Media, Rogers Buy Toronto Maple Leafs In $1 Billion Deal

 

BCE Bell Canada and Rogers Communications joined forces to make a $1.2-billion bid for 80 percent stake in Maple Leaf Sports Entertainment, the two company announce in a joint press release. Rogers and Bell are leading Canadian telecommunications companies, while the target company is Canada’s largest sports conglomerate, in which the Ontario Teachers’ Pension Plan holds a majority stake.

MLSE Sold

The company’s assets include the richest hockey club in the world, the Toronto Maple Leafs, the Raptors basketball team, Major League Soccer’s Toronto team, the Marlies who play in the American Hockey League. In addition, the company owns the Air Canada Centre, two specialty television channels, and a condominium development adjacent to the arena.

The 80-percent stake would be split equally between the two bidders, with each of them purchasing 37.5 percent of M.L.S.E. The Ontario Teachers held an auction for M.L.S.E. but no deal was finalized for long time because no bidder was able to meet Ontario Teachers’ target price. Ontario Teachers accepted a deal only after the joint bid of BCE Bell Canada and Rogers valued the company at nearly $1.7 billion.

The deal, however, will be scrutinized by Canadian anti-trust authorities and a final approval is not expected before next summer.

The Maple Leafs is the most valuable asset of M.L.S.E., with Forbes valuing the team at $521 million on revenues worth $193 million and operating income of $81.8 million. Its valuation rose by 3 percent year over year, making by far the most valuable team in the N.H.L.

 

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About the author

John Drummond

John Drummond is a professional sports writer who has 8 years of experience in the field. As a former college player, he has experienced a number of sporting events firsthand and this allows him to effectively present his stories and commentary. This helps him to be an authority on this topic and that comes across in the articles that he releases to the general public. Mr. Drummond also has a degree in Journalism that helps him to develop a hard hitting story that delivers the full impact of the sports recaps and the breaking news that is taking place in the world of sports. With his vast experience, this does let him to combine the facts with firsthand experience that is going to give readers the broad scope of information that is going to help the reader to understand what the story means for the impact on teams. Readers will find that Mr. Drummond has a deep understanding of the world of sports. He remains an avid fan and his connections allow him to deliver real sports stories that are going to have an overall impact with those who follow him. Through the years he has increased his credibility and built up a strong following of readers. When he isn't writing his articles for the sports section, John enjoys spending time with his wife and young son. One of the favorite pass times for his family is heading out to NASCAR events and spending the time mixing with the other fans of this popular American sport.

 
 

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