OMERS pension plan acquires five per cent indirect stake in MLSE
Posted Nov 6, 2023 02:33:26 PM.
Last Updated Nov 6, 2023 02:40:24 PM.
TORONTO — The OMERS pension plan has acquired a five per cent indirect stake in Maple Leaf Sports & Entertainment for US$400 million.
The investment comes through a 20 per cent direct stake in Kilmer Sports Inc., which is owned by MLSE chairman Larry Tanenbaum.
“I’ve always seen myself as a steward of a public trust, working in service to the fans and the public to build Canada’s most iconic sports teams and win championships,” Tanenbaum said Monday in a release. “Now with this investment by OMERS, I’m thrilled to be sharing this public trust with over 600,000 hard-working Ontarians.”
Kilmer owns 25 per cent of MLSE, the parent company of the National Hockey League’s Toronto Maple Leafs, National Basketball Association’s Toronto Raptors, Toronto FC of Major League Soccer, the Canadian Football League’s Toronto Argonauts and several development teams.
Upon closing, Tanenbaum will retain an 80 per cent stake in Kilmer.
OMERS will be a financial investor and will not participate in operational decisions of MLSE or any of its teams, the release said.
“This is an exciting and unique opportunity for OMERS members in Ontario communities to be connected to these iconic sports teams in their own backyard,” said OMERS president and CEO Blake Hutcheson.
This report by The Canadian Press was first published Nov. 6, 2023.
The Canadian Press
