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Larry Tanenbaum selling share of Raptors, Leafs at $8 billion enterprise valuation: report

Colton Pankiw
Colton Pankiw
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Jun 21 2023, 10:39 pm
Larry Tanenbaum selling share of Raptors, Leafs at $8 billion enterprise valuation: report
Dan Hamilton-USA TODAY Sports

Larry Tanenbaum is ready to cash in.

As first reported by Sportico, Tanenbaum is working on a deal that would see him sell a share of Maple Leaf Sports and Entertainment holdings to the Ontario Municipal Employees Retirement System, known as OMERS. The company operates as a Canadian public pension fund and is based out of Toronto.

The deal is valued at more than $8 billion, which would be a record valuation for the sale of sports teams. Tanenbaum owns 25% of MLSE, though it is unclear how much of his stake he plans on selling.

If accepted, this deal would still need to be approved by both the NHL and NBA. Both Rogers Communications and Bell Canada, which control 75% of MSLE, also have a right of first refusal to purchase any shares in the company.

While needing approval from both the NHL and NBA, MLSE has two other primary assets in the MLS’s Toronto FC and CFL’s Toronto Argonauts.

Tanenbaum has been involved with the Toronto Maple Leafs since investing in Maple Leafs Sports Holdings in 1996. The Leafs then merged with the Toronto Raptors expansion team two years later, and both play out of Scotiabank Arena.

At the time of getting involved, Tanenbaum held a 20.5% stake in MLSE but increased it to 25% back in 2012. This came as a result of the Ontario Teachers’ Pension Plan selling 80% of its share in MLSE, at which point Rogers Communications and Bell Canada acquired the remaining 75%.

Given his powerful status as a part owner of MLSE, Tanenbaum was listed 13th on Toronto’s 50 most influential people back in 2019. As pointed out by Toronto Life at the time, Tanenbaum is “the most powerful sports figure in Toronto and the architect of the city’s recent athletic domination.”

On top of his work with MLSE, Tanenbaum also sits on the board of Mount Sinai Hospital and Right to Play. He is also a major contributor to the United Jewish Appeal.

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