Bell secures access to Raptors and regional Leafs games
By Connie Thiessen and Ahmad Hathout
Rogers Communications has signed an agreement to buy Bell’s 37.5 per cent ownership stake in Maple Leaf Sports & Entertainment (MLSE) for $4.7 billion, making it a majority owner in the Toronto sports empire.
MLSE owns the Toronto Maple Leafs, Toronto Raptors, Toronto FC, Toronto Argonauts, Toronto Marlies of the American Hockey League, the NBA G League Raptors 905, MLS Next Pro team TFC II, and the Raptors Uprising Gaming Club, which is the Toronto Raptors esports franchise in the NBA 2K League. MLSE also owns and operates Toronto’s Scotiabank Arena and has invested in and operates five Toronto sports facilities, including Coca-Cola Coliseum, BMO Field, BMO Training Grounds at Downsview Park, OVO Athletic Centre, the practice facility for the Raptors, and Ford Performance Centre for Hockey Excellence, the practice facility for the Leafs and Marlies. Its charitable arm, MLSE Foundation, funds initiatives to support youth through sport and recreational programs.
Rogers and Bell have had a combined ownership position in MLSE since 2012. When the transaction closes, which is expected mid-2025 subject to league and regulatory approvals, Rogers will gain a 75 per cent controlling interest in MLSE.
Bell said in a press release that it intends to use the proceeds to pay down debt and to further its transformation beyond just a telco.
Also on Wednesday, Bell announced that it has secured access to content rights to 50 per cent of Toronto Maple Leafs regional games and 50 per cent of Toronto Raptors games on TSN, with an opportunity to stretch that access to 20 years. That agreement, which sees Rogers take the other half of those broadcast rights, is subject to league approvals. Bell said it will also secure the broadcast rights to the Toronto Argonauts and Toronto FC games through independent agreements with the respective leagues, and will remain the official telecom sponsor of the Toronto Raptors and maintain sponsorships of the Argonauts and Toronto FC.
“We are proud of our time as co-owners of these iconic sports teams, and through this agreement have ensured that fans can count on Bell’s continued support of their teams,” Bell CEO Mirko Bibic said in a press release. “Today’s announcement demonstrates that we are focused on creating the financial flexibility to support our ongoing transformation and core growth drivers.”
Rogers said the sale of Bell’s minority stake in MLSE would provide Bell with the opportunity to renew its existing MLSE broadcast and sponsorship rights longterm at fair market value, including access to content rights for 50 per cent of Toronto Maple Leafs regional games and 50 per cent of Toronto Raptors games, for which MLSE controls the rights.
“MLSE is one of the most prestigious sports and entertainment organizations in the world and we’re proud to expand our ownership of these coveted sports teams,” said Rogers head Tony Staffieri in a company announcement. “As Canada’s leading communications and entertainment company, live sports and entertainment are a critical part of our core business strategy.”
This agreement adds to Rogers existing sports portfolio, which encompasses the Toronto Blue Jays, Rogers Centre and Sportsnet, in addition to strategic partnerships with the Vancouver Canucks, Edmonton Oilers, Calgary Flames and the NHL.
According to a Rogers release, the company is financing the transaction through private investment.
“MLSE continues to appreciate significantly, and together with our sports and media assets, we plan to surface more value for shareholders longterm,” said Staffieri. “This agreement also ensures long-term Canadian ownership and investment of these iconic teams.”
Photo via Scotiabank Arena
