Rogers takes full control of MLSE, buys remaining stake from Larry Tanenbaum's Kilmer Sports Inc.

The deal, valued at $4.3 billion (Cdn), ends Tanenbaum’s tenure at the ownership level, a period of unprecedented success in the last decade.

Tanenbaum, the public face of ownership during that time, oversaw success across the breadth of MLSE’s holdings. The victories include: the Raptors winning the 2019 NBA championship, the Argonauts (Grey Cups in 2017, 2022 and 2024), Toronto FC (MLS Cup championship in 2017), the Marlies (Calder Cup in 2018 and 2026) and the Raptors 905 (G League championship in 2017). Only the Maple Leafs failed to reach the pinnacle of their league.

Tanenbaum thanked Toronto sports fans in an open letter.

“I am extremely proud to leave this legacy of excellence, a culture of winning, and a family feeling among all our MLSE employees to be carried on,” Tanenbaum wrote.

“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. Alongside my wife and family, we have witnessed what is possible when people come together with a common purpose.”

At the MLSE ownership level, Tanenbaum worked with two communication giants — Rogers and Bell — who were business rivals but partners on the sports industry monolith.

Rogers bought the 37.5 per cent previously owned by Bell in a $4.7 billion deal that closed a year ago.

Now with Tanenbaum’s share, Rogers has full control but has said it will seek minority partners in the next year after Monday’s deal is finalized in the fourth quarter of 2026 pending league approvals.

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

“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.”

Tanenbaum, who currently serves on the MLSE board of directors as chair emeritus, will step down once the deal closes, as will MLSE board member Dale Lastman. Tanenbaum will also step down as the Maple Leafs’ representative on the NHL board of governors and Toronto FC’s representative on MLS’ board. Lastman is stepping down as the Argonauts’ representative to the CFL board.

Tanenbaum plans to step down as chairman of the NBA board of governors, and the Raptors’ representative on that board, at the end of September.

Rogers had the right to purchase Tanenbaum’s stake through a shareholders’ agreement set up 15 years ago. Rogers also owns the Blue Jays under a separate umbrella.

“I applaud the accomplishments of Edward Rogers and wish him and his team all the best moving forward with this extraordinary organization,” Tanenbaum wrote. “Now, I look forward to joining you all as a lifelong fan.”

Brock University sport management professor Michael Naraine said the move would be a benefit to the teams under MLSE’s umbrella.

Naraine described a decision-making process that could be “tumultuous” under MLSE’s previous governance structure, in which a board of directors included representatives from Rogers and Bell, along with Tanenbaum.

“Part of the challenge that MLSE always had in its evolution was having multiple cooks in the kitchen and trying to please multiple parties. That can be tough at times,” Naraine said in an interview.

“By Rogers now owning 100 per cent of MLSE, what they’re able to do is have less cooks in the kitchen, have a dedicated chef and with a dedicated vision for what the menu should look like and how best to serve the patrons coming in to eat.”

Concordia University sports economist Moshe Lander said the concentration of ownership under Rogers means that “now it’s one voice and there’s no real room for dissent.”

But he downplayed any risks to fans under that structure, suggesting higher ticket prices were unlikely unless the various teams experience a surge in success through championships.

Through Kilmer Sports Ventures, Tanenbaum is the owner of the WNBA’s Toronto Tempo, professional soccer teams in Europe and just bought a stake in the PWHL.