Rogers Assumes 100% Control Of Raptors’ Parent Company

Rogers Communications, the Canadian communications/media giant that previously owned 75% of Maple Leafs Sport & Entertainment, has reached a deal to assume full control of the Raptors‘ parent company, per a press release from Rogers.

Rogers held a 37.5% share of Maple Leaf Sports & Entertainment up until September 2024, when it bought out BCE (Bell)’s 37.5% stake in MLSE to increase its share of the company to 75%. The ownership agreement gave Rogers the right to buy out the remaining 25%, primarily held by Larry Tanenbaum‘s Kilmer Sports Inc.

Previous reporting indicated that Tanenbaum was obligated to began that sale process by July 7, 2026, so this news comes right on time. According to Rogers’ announcement, the purchase agreement is subject to the approval of the various leagues that MLSE teams are part of, but the sale is expected to close before the end of 2026.

Rogers is paying $4.35 billion Canadian for the remaining 25% of the company, which is the equivalent of roughly $3.06 billion in USD, notes Kurt Badenhausen of Sportico.

The Raptors are considered the most valuable asset in MLSE’s portfolio, with a Sportico valuation of $5.22 billion. The company also controls the NHL’s Toronto Maple Leafs, the MLS club Toronto FC, and a handful of smaller sports teams, such as the Toronto Argonauts (Canadian Football League) and Raptors 905 (G League). The company also owns and operates Scotiabank Centre and OVO Athletic Centre, the Raptors’ home arena and practice facility, respectively.

Tanenbaum has long been the Raptors’ governor and the MLSE chairman, as well as the chairman of the NBA’s board of governors. However, the plan is for him to formally exit those roles later this year. According to Doug Smith of The Toronto Star, Tanenbaum will step down as the Raptors’ governor and the NBA’s board of governors chairman at the end of September and will leave his MLSE position once the sale closes.

Tanenbaum published a farewell letter to fans on Monday morning, as Simon Bennett of 680 NewsRadio Toronto relays (via Twitter). Rogers’ statement also included a thank you message for the longtime Raptors governor.

“We want to recognize Larry Tanenbaum for his contributions to MLSE and to sports in Toronto,” executive chair Edward Rogers said. “For decades, Larry has helped shape MLSE and we thank him for his partnership and his lasting impact.”