TORONTO - Lawrence M. Tanenbaum, the President of Kilmer Sports Inc. and Chairman of Maple Leaf Sports & Entertainment Ltd. (MLSE), announced today that he has agreed to acquire an additional 7.7% of MLSE from CTVglobemedia Inc. As a result of the purchase, Mr. Tanenbaum has increased his ownership to 20.5% making him the second largest shareholder of MLSE. The Ontario Teachers Pension Plan, which holds 58.4%, continues to be the largest shareholder in MLSE. After the transaction, CTVgm will hold a 7.7% interest in MLSE.
“Notwithstanding the current uncertain economic climate, I remain committed to Maple Leaf Sports & Entertainment and to our teams on a long term basis”, said Mr. Tanenbaum. “I see no better way to reflect my commitment than to increase my investment. When the opportunity to purchase half of CTVglobemedia’s shares came up, I was thrilled to further evidence my commitment to our teams by increasing my ownership position.”
“It is no longer strategically important for CTVgm to be MLSE’s second largest shareholder. So we were delighted to sell half our position to Mr. Tanenbaum, while still retaining a seat at the table”, said Ivan Fecan, President and Chief Executive Officer, CTVglobemedia and Chief Executive Officer, CTV Inc.
Closing of the transaction will occur as soon as the necessary league approvals have been obtained.
Maple Leaf Sports & Entertainment Ltd. is a privately held organization that owns and operates sports and entertainment enterprises including the Air Canada Centre, Toronto Maple Leafs, Toronto Raptors, Toronto FC, Leafs TV, Raptors NBA TV and the Toronto Marlies.