Rogers has exercised an option to buy Larry Tanenbaum’s 25% stake in Maple Leaf Sports & Entertainment for about $4.4 billion, gaining full ownership of the company and clearing a path to spin off Toronto sports venues into a separate real estate entity.

Rogers announced Monday that it has agreed to acquire Kilmer Sports’ remaining 25% stake in Maple Leaf Sports & Entertainment (MLSE) for $4.35 billion, giving the telecommunications company full ownership of the sports and entertainment giant.

The deal will see Rogers purchase Tanenbaum’s interest in MLSE, which owns the Toronto Maple Leafs, Toronto Raptors, Toronto FC, the Toronto Argonauts and several sports venues. The transaction is subject to league approvals and is expected to close in the fourth quarter of 2026.

The acquisition also clears the way for Rogers to proceed with its previously announced plan to sell a minority stake in its consolidated sports, media and entertainment assets over the next year. Rogers previously voiced plans to spin off the sport venues into a separate real estate-focus entity. It remains to be seen whether that will be done through the sale of the majority stake or in another way.

“This is a defining moment for Rogers,” said Tony Staffieri, president and CEO of Rogers. “Our full ownership of MLSE brings together Canada’s premier communications company with Canada’s premier sports and entertainment organization.

“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.”

Rogers said it will continue investing in its sports properties, improve the fan experience and expand customer rewards, including more affordable ticket options, ticket giveaways and exclusive experiences.

“Sports is a great unifier, it rallies us and brings us together in a truly unique way,” said Edward Rogers, executive chair of Rogers. “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.”

He added: “We want to recognize Larry Tanenbaum 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.”

Staffieri said combining Rogers’ communications business with its expanding sports portfolio would strengthen the company’s competitive position and create long-term shareholder value.

“Sports and entertainment are a core part of our business, and we plan to bring our world-class sports and entertainment assets together and surface more value for our shareholders long-term,” he said. “The strategic value of our sports business is even greater when you combine it with our core connectivity business – it gives us a unique value proposition to compete in a very crowded marketplace.”

Rogers had until this month to exercise the option to purchase Tanenbaum’s stake, obtained 15 years ago. In an open letter to fans, Tanenbaum, a Toronto sports legend, thanked fans for their support of the teams and said he was proud of his legacy of excellence, a culture of winning and a family feeling among all MLSE employees that will be carried on. He also applauded the accomplishments of Edward Rogers.

“I believe that sports has the power to unite communities, to create positive role models, and to impart the value of teamwork to younger generations,” said Tanenbaum. “Alongside my wife and family, we have witnessed what is possible when people come together with a common purpose.”

Tanenbaum remains a local team owner, holding the Toronto Tempo, which is playing its first season in the WNBA.

MLSE owns Scotiabank Arena as well as the NHL’s Maple Leafs, the American Hockey League’s Toronto Marlies, the Toronto Blue Jays of Major League Baseball, the Canadian Football League’s Toronto Argonauts and Major League Soccer’s Toronto FC, along with Toronto 905 of basketball’s G League.

The company currently owns or operates a cluster of Greater Toronto Area premium sports and concert venues, including Scotiabank Arena, home of the NHL’s Toronto Maple Leafs and NBA’s Toronto Raptors; BMO Field, on which both the Toronto Argonauts of the Canadian Football League and Toronto FC of Major League Soccer host visitors, and where some of Canada’s FIFA men’s World Cup games were played this summer; and the Coca-Cola Coliseum. The company also owns the Rogers Centre (formerly SkyDome), which serves as home to Major League Baseball’s Toronto Blue Jays.

According to TD Securities analysts, Rogers could sell nearly one-third of its sports empire valued at about $25 billion to help reduce debt. The analysts said Rogers could reduce its debt even further if it chooses to spin off the venues in which its teams play. The analysis was presented in a report report headed by Vince Valentini, a TD Securities managing director.

“We are not confident that the market would accurately reflect the value of venues within MLSE’s equity value,” said the analysts, who are members of TD Cowen, a TD Securities division. “Limited disclosure makes it difficult for us to estimate [venue] values, but we believe standalone venues and real-estate development prospects have hidden potential,” said the analysts.

Rogers Chief Financial Officer Glenn Brandt said during the company’s earnings call in January that the company would be able to spin off the sports entity once its deal with Kilmer was done.

“There’s tremendous interest around it, so there’s no need to wait,” he added.

The strategy comes as sports franchise valuations continue to climb, though TD cautioned there has historically been a gap between private-market valuations and public-market pricing for such assets.

Leagues’ reluctance to expand and an increase in billionaires based in North America have created a supply-demand imbalance, driving up the value of the franchises, said the TD analysts.

In 2025, Rogers acquired Bell Canada’s 37.5% stake in MLSE for $4.7 billion.

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