Rogers Communications buys out Bell’s share of Toronto Raptors ownership

Brooklyn Nets v Toronto Raptors

The Toronto Raptors ownership is shifting around, but nothing much will change for the franchise.

The Raptors and the NHL’s Maple Leafs are owned by Maple Leaf Sports and Entertainment (MLSE). Rogers Communications and Bell (BCE) each own 37.5% of MLSE; now, Rogers has agreed to buy out Bell’s share, a story broken by Scott Soshnick and Kurt Badenhausen of Sportico and confirmed by Rogers in a press release. Rogers bought Bell’s stake for $4.7 billion in Canadian dollars according to Sportico’s report, which is about $3.46 billion United States dollars. Using that valuation, MLSE (the Raptors and Leafs) is worth around $9.3 billion and Rogers will own 75% of it.

“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 Tony Staffieri, President and CEO, Rogers, in the statement announcing the agreement. “As Canada’s leading communications and entertainment company, live sports and entertainment are a critical part of our core business strategy.”

For Raptors fans wondering what that means for the franchise, there are likely very few changes. Rogers said all the right things in its release.

“Winning is everything for fans, and that’s why we’re committed to investing to bring more championships to Canada,” said Edward Rogers, Executive Chair of Rogers. “We’re passionate about sports and we’re passionate about winning.”

Rogers is a massive investor in Canadian sports. In addition to the Raptors and Leafs, it owns the Toronto Blue Jays, the Rogers Centre where the Blue Jays play, MLS club Toronto FC, the Toronto Argonauts (Canadian Football League), Sportsnet (the top sports network in Canada), plus it has strategic partnerships with the Vancouver Canucks, Edmonton Oilers, Calgary Flames and the NHL as a whole.

Source link : https://finance.yahoo.com/news/rogers-communications-buys-bell-share-151758642.html

Author : NBC Sports

Publish date : 2024-09-18 15:17:58

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