Larry Tanenbaum, the chair of Maple Leaf Sports & Entertainment, is nearing completion of the sale of his shares to the Ontario Municipal Employees Retirement System (OMERS),
According to Sportico, the potential sale led to MLSE being valued at over $8 billion. Though Tanenbaum owns 25 per cent of the company, no specifics regarding how much he'd sell have been reported.
Rogers Communications and Bell Canada own the remaining 75 per cent. Both companies would have to approve the deal and have a right of first refusal to purchase MLSE shares.
Individually, the Raptors are valued at $3.34 billion, while the Leafs are worth $2.12 billion, the highest in the NHL. MLSE also owns Toronto FC, which is valued at $705 million.
The sale would also need to be approved by both the NHL and the NBA.
None of the parties responded to Sportico's request for comment as of the time of writing.
It's unclear when the deal will be finalized.
