Rogers Communications could sell nearly one-third of its sports empire valued at about $25 billion to help reduce debt, according to analysts at TD Securities.

The telecommunications, media and sports conglomerate could reduce its debt even further if it chooses to spin off the venues in which its teams play, say the analysts in the report headed by Vince Valentini, a TD Securities managing director.

Initially, the analysts predict, Rogers may acquire the remaining 25% stake in Maple Leaf Sports and Entertainment from Kilmer Sports for roughly $4 billion by the end of 2026, consolidating full ownership of the asset.

“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.

MLSE 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 World Cup games will be 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.

“Limited disclosure makes it difficult for us to estimate values, but we believe standaloneIn venues and real-estate development prospects have hidden potential,” say the analysts.

MLSE owns the Maple Leafs, the American Hockey League’s Toronto Marlies, the Blue Jays, the Argonauts and Toronto FC.

Rogers currently holds a 75% interest in MLSE, and TD expects that Rogers would combine those holdings with the Blue Jays and its Sportsnet network to form a larger sports entity.

Following that consolidation, Rogers could sell a roughly 30% stake to private investors for as much as $7 billion, using the proceeds to pay down debt, while potentially spinning off the business by the end of 2027, the analysts wrote.

Rogers has the option of exercising its option to purchase Kilmer’s stake by July. The TD analysts believe that Kilmer, headed by legendary Toronto entrepreneur and sports figure Larry Tanenbaum, could wait until then to complete the deal, in order to generate a maximum return on the sale.

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

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.

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