(Dec. 23, 2003) -- Loblaw Companies Limited announced Tuesday that after extensive study of its conditional offer to purchase Maple Leaf Gardens from Maple Leaf Sports & Entertainment Ltd. (MLSEL), the company will not be proceeding with closing the transaction.
Unfortunately, Loblaw's detailed development plans would require greater financial resources than first anticipated, outweighing the benefit to Loblaw of operating a retail food and non-food store.
MLSEL said they respected Loblaw's decision not to move forward with the offer. They added that they will continue to entertain offers from parties to develop the site in a way that will positively impact the community and help generate economic growth for local businesses in the area.
Loblaw would like to thank Maple Leaf Sports & Entertainment, the City of Toronto staff and elected officials, and all the well wishers who supported efforts to proceed with the revitalization of this Toronto landmark.