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Confirmed with Link: Tannenbaum to sell a portion of his shares of MLSE holdings to OMERS

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tmlms13 said:
Since I replied OP was been edited to include Alter

Westhead, yes I know who that is, but like I said, he's RTing his friend not reporting himself
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You keep saying his friend like it's just a random joe schmo in his neighbourhood... that friend you keep referring to is a sports journalist and editor in chief for Sportico.
 
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www.otpp.com

Teachers' completes $1.32-billion sale of MLSE

TORONTO – Ontario Teachers’ Pension Plan (Teachers’) today announced the completion of the sale of its ownership stake in Maple Leaf Sports and Entertainment (MLSE) to Bell and Rogers Communications Inc.
www.otpp.com www.otpp.com

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Teachers' completes $1.32-billion sale of MLSE

August 22, 2012

TORONTO – Ontario Teachers' Pension Plan (Teachers') today announced the completion of the sale of its ownership stake in Maple Leaf Sports and Entertainment (MLSE) to Bell and Rogers Communications Inc.

The sale, originally announced in December 2011, has obtained all required approvals and Teachers' has received the $1.32-billion purchase price for its 79.53% ownership share of MLSE.

Teachers' first invested in the company in 1994 through its private equity investment division, Teachers' Private Capital (TPC). An infographic of its ownership history is available here.

"MLSE exemplifies our ability to create value over the long term through expansion and diversification, while delivering returns that support our members' retirement," said Jane Rowe, Senior Vice-President, TPC. "We are proud of our role in building this iconic company, and we wish the new owners much success. While we may no longer be owners, we remain avid fans of the company and its teams."
 
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Finally! This is the ownership we need, you just know that two monopolists and a pension fund will support taking dramatic risks with their investment because their ultimate goal is winning a Stanley Cup.

Even if the best coach/player available is a “brand risk”, the 1000-person HR/PR department at Rogers, Bell, and OMERS, is going to say “bring ‘em on, we’ll handle the haters on twitter threatening to boycott our companies for you”.
 
TheBeastCoast said:
8 billion. He sold his 25% shares at a company valuation of 8 billion. He didn't get 8 billion for his shares.
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I find it amazing that MLSE has increased in value so much in such a short time. 10 years to go from around 2billion to 8billion evaluation. I almost don't believe it.

Either the evaluation is skewed or the TPP were complete incompetent investors.
 
thewave said:
I find it amazing that MLSE has increased in value so much in such a short time. 10 years to go from around 2billion to 8billion evaluation. I almost don't believe it.

Either the evaluation is skewed or the TPP were complete incompetent investors.
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I would say it sounds correct. The Sens just sold for 1 billion. They are one of the least valuable franchises in the league and an MLSE sale includes the Raptors who alone are probably worth 3-4 billion. I could see an actually majority stakes sale of MLSE actually being an even higher valuation.
 
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Ianturnedbull said:
What does this mean for:

The draft
July 1st Ufa season
Training camp
The regular season
The trade deadline
The playoffs

???
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I’ll go with nothing.

Minority owner selling a portion of shares. Not really interesting. Only interesting part of equation is does he stay as governor for Raps/Leafs. Probably I’d guess. Just raising some capital from the sounds of it.
 
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How did Larry T become rich again?

To lazy to search him up on google but did he come from real estate wealth?

2B for his 25% is quite the haul.

Even after the any taxes in capital gains he'll pay, he still will have a shit load of money available.
 
TheBeastCoast said:
8 billion. He sold his 25% shares at a company valuation of 8 billion. He didn't get 8 billion for his shares.
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That’s make more sense bc if his shares are worth 8billion, MLSE is worth close to Twitter, lol.

TheBeastCoast said:
I would say it sounds correct. The Sens just sold for 1 billion. They are one of the least valuable franchises in the league and an MLSE sale includes the Raptors who alone are probably worth 3-4 billion. I could see an actually majority stakes sale of MLSE actually being an even higher valuation.
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Well they also own the Rogers Center and that’s prime real estate in Downtown Toronto. That piece of land is probably worth a few billions.
 
Bellefour20 said:
$8 billion and this team has a problem with firing coaches and paying out their contracts? SN and TSN have to provide an inferior product while laying off talent and staff? This whole team, from ownership down to its core four are so f***ing unlikeable.
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They are quite the mess aren't they. I think it's hilarious
 
Do people just read the thread title and then post?

The thread title makes it sound like Tanenbaum is selling all of his share in MLSE which seems to be what some posters are reacting to. He is only selling some of his shares as per the actual reports in the first post.

Honestly, this is pretty much meaningless, except for putting some money in Larry's pocket.
 
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