Report: Rogers considering sale of Toronto Blue Jays

Dec 6 2017, 1:57 pm

According to Rogers Communications’ Chief Financial Officer Tony Staffieri, a possible sale of the Toronto Blue Jays could soon be in the works.

The announcement was made at the UBS Global Media and Communications conference in New York on Tuesday, reports Natalie Wong of Bloomberg.

The telecommunications giant is also considering selling its stake in media company Cogeco Inc.

“There were some strategic benefits that we had hoped for with Cogeco and those seem to be further and further away,” Staffieri said.

“As we think about an environment where interest rates start to go up and compare it to the yield that we’re getting on the asset today, we think there’s probably better use for that capital.”

And while Staffieri says no deal is impending, the potential move would allow Rogers to gain more value from its portfolio of assets, while freeing up capital for other investments.

Rogers Communications bought the Toronto Blue Jays franchise for $165 million CAD in 2000. Forbes recently valued the Jays at $1.3 billion, making them the 16th most valuable franchise in the MLB.

See also
Ainsley SmithAinsley Smith

+ News
+ Venture
+ Offside
+ Baseball