Rogers Takes Total Control of Raptors and Leafs in Massive $4.35B Deal

Rogers is about to become the sole owner of Maple Leaf Sports & Entertainment (MLSE) after agreeing to buy out its last remaining partner.

Toronto-based Rogers says it has signed a deal to purchase the final 25% stake in MLSE from Kilmer Sports Inc. for $4.35 billion CAD. That takes Rogers from majority owner to 100% owner, putting some of Canada’s most famous sports franchises fully under one roof.

“This is a defining moment for Rogers. Our full ownership of MLSE brings together Canada’s premier communications company with Canada’s premier sports and entertainment organization,” said Tony Staffieri, President and Chief Executive Officer of Rogers, in a statement on Monday. “It gives us even more opportunity to invest in championship-calibre teams, create unique experiences for customers and fans, and unlock long-term value for shareholders.”

The deal closes the book on Kilmer Sports, run by Canadian businessman Larry Tanenbaum, who helped create MLSE in 1998 by merging the Maple Leafs and Raptors ownership groups.

“We want to recognize Larry Tanenbaum for his contributions to MLSE and to sports in Toronto,” said Edward Rogers, Executive Chair of Rogers. “For decades, Larry has helped shape MLSE and we thank him for his partnership and his lasting impact.”

To help pay for it, Rogers says it plans to use its committed liquidity. The company also intends to sell a minority stake in its combined sports, media and entertainment assets over the next year, which it says will surface more long-term value for shareholders.

The deal still needs league approvals and is expected to officially close in the fourth quarter of 2026.

MLSE is one of the most valuable sports groups in North America, and it owns and operates a whole roster of major franchises and venues. That includes the Toronto Maple Leafs in the NHL, the Toronto Raptors in the NBA, Toronto FC in MLS, the Toronto Argonauts in the CFL and the Toronto Marlies in the AHL, plus Scotiabank Arena.

On top of this MLSE deal, Rogers fully owns the Toronto Blue Jays and their stadium, the Rogers Centre. It also owns Sportsnet and holds regional broadcast rights and partnerships with several other Canadian NHL teams, including the Vancouver Canucks, Edmonton Oilers and Calgary Flames.

Rogers had already scooped up Bell’s 37.5% stake in MLSE back in 2025, which pushed it to 75% ownership. Now, by buying out Kilmer’s remaining 25%, it has full control of Toronto’s sports scene and ties its core internet and wireless business even closer to live sports that fans can’t get enough of.

This is vertical integration at its finest. Rogers owns the teams, the media and the broadcasting rights, and then folds in the wireless and internet to round it all out. From the arena to the broadcast to the phone in your hand, it’s all under one company now. We may see Rogers try to take MLSE public, as it believes the company can be worth $25 billion or more.