The Globe and Mail reports in its Friday edition that Toronto sports czar Larry Tanenbaum plans to sell a stake in the parent company of hockey's Toronto Maple Leafs and basketball's Toronto Raptors to the Ontario Municipal Employees Retirement System pension plan for $400-million, a transaction that values the sports business at $8-billion. A triple-bylined item led by Andrew Willis says that Mr. Tanenbaum, 78, agreed to sell OMERS a 20-per-cent share of the family-controlled holding company Kilmer Sports Inc. as part of his estate planning. Kilmer Sports owns a 25-per-cent stake in Maple Leaf Sports & Entertainment (MLSE), parent to Toronto's professional sports teams. Kilmer Sports' partners in MLSE are Bell Canada parent BCE and Rogers Communications, which evenly split the remaining 75 per cent. On Wednesday, Mr. Tanenbaum notified sports league officials of his plans, along with Rogers and Bell, in keeping with his contractual obligations. Four leagues -- the NBA, NHL, CFL and MLS -- and the telecom companies need to approve the transaction. Sources said all of these parties are expected to sign off on the potential sale to OMERS, as it sets a new high-water mark on sports franchise valuations.