The Globe and Mail reports in its Friday edition that under the watch of Maple Leaf Sports & Entertainment, the NHL's Maple Leafs and the NBA's Raptors, the stands are full and broadcasts are ratings winners.
The Globe's Andrew Willis writes that business acumen explains why MLSE ended up acquiring another Toronto team on Wednesday by purchasing the CFL's Toronto Argonauts.
This was a deal driven by BCE chief executive officer George Cope, whose company acquired the Argos in a partnership with MLSE chairman Larry Tanenbaum in 2015.
BCE, Mr. Tanenbaum and Rogers Communications are co-owners of MLSE. Mr. Cope wanted the Argos in the same professional hands that run Toronto's pro basketball, hockey and soccer team, which won its first championship last week. Mr. Tanenbaum was always on side; Rogers recently came around on the concept.
What Rogers received in return for signing off on the Argos acquisition remains to be seen. This is not a transaction that saw serious money change hands; BCE's financial disclosure from 2015 showed the Argos were purchased for $50-million. Only baseball's Blue Jays, owned by Rogers, remain outside the MLSE fold. Cue the speculation on MLSE as a potential new partner.
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