NHL Board of Governors approves Tanenbaum’s decision to sell stake in MLSE

The deal to sell goes before the NBA Board of Governors early next week.

Tanenbaum has agreed to sell a 20 per cent stake in his sports holding company Kilmer Sports Inc. to the Ontario Municipal Employees’ Retirement System for $400 million. Kilmer Sports owns 25 per cent of MLSE, which controls the NHL’s Toronto Maple Leafs, NBA’s Toronto Raptors, MLS’s Toronto FC and the CFL’s Toronto Argonauts.The MLS and CFL have to approve the transaction, as do Rogers and BCE.

Rogers Communications Inc. and BCE each own 37.5 per cent of MLSE, and had the right to buy Tanenbaum’s shares. BCE and Rogers have the right to buy out Tanenbaum’s remaining stake — as well as OMERS’ slice — in three years.

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Source: TheTorontoSun - 🏆 23. / 68 Read more »