Rogers Communications has agreed to buy the remaining 25% stake in Maple Leaf Sports & Entertainment (MLSE) from Kilmer Sports Inc. for C$4.35 billion, giving the telecom and media company full ownership of one of Canada’s most valuable sports organizations.
The agreement, announced on July 6, 2026, increases Rogers’ ownership in MLSE from 75% to 100% and values the company at approximately C$17.4 billion. Once completed, Rogers will own the Toronto Maple Leafs, Toronto Raptors, Toronto FC and Toronto Argonauts outright while adding those assets to its existing portfolio that includes the Toronto Blue Jays, Rogers Centre and Sportsnet.
The transaction remains subject to approvals from the NHL, NBA, MLS and CFL and is expected to close during the fourth quarter of 2026.
Rogers completes a years-long ownership strategy
Rogers first invested in MLSE in 2012 alongside BCE Inc., with the two companies acquiring a controlling interest in the sports and entertainment business. In 2025, Rogers purchased BCE’s 37.5% stake, increasing its ownership to 75%.
The latest agreement with Kilmer Sports Inc., owned by Canadian businessman Larry Tanenbaum, secures the remaining 25% interest and completes Rogers’ long-term ownership strategy. Tanenbaum has spent nearly three decades helping shape Toronto’s professional sports landscape and said he leaves MLSE proud of the organization’s culture, employees and achievements.
After the acquisition closes, Rogers plans to combine MLSE with its broader sports, media and entertainment operations. The company has also confirmed plans to sell a minority stake in the combined business within the next year while maintaining overall control.
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MLSE owns some of Canada’s most valuable sports assets
Maple Leaf Sports & Entertainment owns the NHL’s Toronto Maple Leafs, the NBA’s Toronto Raptors, Major League Soccer’s Toronto FC and the Canadian Football League’s Toronto Argonauts. The company also has ownership interests in Scotiabank Arena, one of Canada’s busiest venues for professional sports, concerts and major live events.
Combined with Rogers’ ownership of the Toronto Blue Jays, Rogers Centre and Sportsnet, the transaction creates one of the country’s largest integrated sports, media and entertainment businesses. Rogers believes the combined portfolio will strengthen its ability to deliver sports content, customer experiences and long-term growth.
Why the C$17.4 billion valuation is significant
The purchase values MLSE at approximately C$17.4 billion, representing a substantial increase from the estimated C$12.5 billion valuation implied when Rogers acquired BCE’s stake last year. Analysts estimate the latest transaction reflects roughly a 39% increase in the company’s value.
Professional sports franchises continue attracting premium valuations because they generate revenue from broadcasting rights, sponsorships, ticket sales, premium seating, merchandise and digital media. Unlike many other entertainment assets, elite sports teams remain scarce, making ownership stakes highly sought after by investors.
Rogers executives have previously said the company’s combined sports, media and entertainment portfolio could ultimately be worth more than C$20 billion.
How Rogers plans to finance the acquisition
Rogers said it intends to finance the purchase using committed liquidity. As of March 31, 2026, the company had approximately C$6 billion available, including C$1.4 billion in cash and cash equivalents together with C$4.6 billion available through bank and other credit facilities.
Credit-rating agencies continue monitoring Rogers’ financial position following several major acquisitions. Morningstar DBRS currently maintains a positive outlook on the company, while Moody’s has a stable outlook and S&P Global Ratings maintains a negative outlook.
Analysts see long-term strategic value
Market analysts broadly viewed the announcement as positive. RBC Capital Markets said the purchase price was within expectations and welcomed the accelerated timeline for completing the ownership transition. TD Cowen said the agreement removes uncertainty surrounding the final MLSE stake and could improve investor confidence.
Bank of Nova Scotia analyst Maher Yaghi noted that the transaction demonstrates how rapidly premium sports franchises have appreciated in value. Rogers shares rose around 2% during trading following the announcement as investors responded positively.
The acquisition reflects a broader trend of large corporations strengthening their portfolios through high-value strategic investments. Another recent example is Alphabet replacing Verizon in the Dow Jones Industrial Average, a move that highlighted the growing influence of technology companies in major market benchmarks.
What full ownership means for fans and shareholders
For sports fans, the ownership change will not immediately affect team operations or league schedules. However, Rogers says full ownership will make it easier to invest across teams, media platforms, venues and customer loyalty programs.
President and CEO Tony Staffieri described the acquisition as a defining moment for the company, saying full ownership of MLSE creates new opportunities to invest in championship-calibre teams, enhance fan experiences and unlock long-term shareholder value.
Executive Chair Edward Rogers said the company remains committed to investing in Canadian sports while expanding affordable ticket programs, customer rewards and exclusive experiences tied to its professional teams.
If league approvals are received as expected, Rogers will officially become the sole owner of MLSE during the fourth quarter of 2026, completing one of the biggest sports ownership transactions in Canadian history and creating a fully integrated communications, sports and entertainment business.
For complete transaction details, visit the official Rogers Communications announcement.
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