Rogers Communications has completed its full takeover of Maple Leaf Sports and Entertainment (MLSE), purchasing the remaining 25% stake held by Larry Tanenbaum's Kilmer Sports Inc. for $4.35 billion. The deal, announced Monday, ends Tanenbaum's decades-long involvement with the sports conglomerate and gives Rogers 100% ownership of the Toronto Maple Leafs, Toronto Raptors, Toronto FC, Toronto Argonauts, and other properties.
Full ownership after years of partnership
The transaction follows Rogers' acquisition of Bell Communications' 37.5% share for $4.7 billion last year. With the latest purchase, Rogers now controls all of MLSE as the Leafs enter their 100th season. The move had been widely anticipated in Canadian sports business circles.
Tony Staffieri, president and CEO of Rogers, called the deal "a defining moment" for the company. "Our full ownership of MLSE brings together Canada's premier communications company with Canada's premier sports and entertainment organization," Staffieri said in a release. "It gives us even more opportunity to invest in championship-calibre teams, create unique experiences for customers and fans, and unlock long-term value for shareholders."
Tanenbaum's legacy in Toronto sports
Larry Tanenbaum, 81, was instrumental in building MLSE from its early days. He helped launch the Toronto Raptors in the mid-1990s before buying into the Maple Leafs and brokering peace between the hockey team and the Raptors as joint tenants of the new Air Canada Centre, which opened in 1999. Under his leadership, MLSE expanded to include Toronto FC in Major League Soccer, the Toronto Argonauts of the CFL, and the relocation of the Leafs' AHL affiliate to what is now Coca-Cola Coliseum. Tanenbaum also independently secured a WNBA franchise, the Toronto Tempo, which will play at the Coliseum.
As MLSE chairman, Tanenbaum represented the Leafs and Raptors at league executive levels and chaired the NBA board of governors. Unlike the Leafs' controversial former owner Harold Ballard, Tanenbaum stayed mostly behind the scenes. While the Maple Leafs did not win a Stanley Cup under his tenure, he celebrated championships with the Raptors (2019 NBA title), Toronto FC (2017 MLS Cup), the Argonauts (2017 Grey Cup), and the Marlies (2018 AHL Calder Cup).
Rogers expands sports empire
Rogers' other major sports holdings include the Toronto Blue Jays, their stadium, and Sportsnet's specialty channels. With full control of MLSE, Rogers gains greater flexibility to maximize sports content across its media platforms. The company already has partnerships with the NHL's Vancouver Canucks, Edmonton Oilers, Calgary Flames, as well as the NHL, NBA, MLB, and Live Nation entertainment.
Edward Rogers, Rogers' executive chair and MLSE chair since July 2025 when he replaced Tanenbaum, emphasized the company's commitment to winning. "Sports is a great unifier, it rallies us and brings us together in a truly unique way," he said. "Winning is everything for fans and we're committed to investing to bring championships to Canada as a proud owner and long-term steward of these beloved teams. We want to recognize Larry for his contributions to MLSE and to sports in Toronto. For decades, Larry has helped shape MLSE and we thank him for his partnership and his lasting impact."
Rogers intends to finance the transaction with its committed liquidity, the company said. The deal is subject to approval from the various professional sports leagues involved.
