TORONTO (AP) - Canada's largest telecommunication companies announced Friday they have agreed to buy the NHL's Toronto Maple Leafs and NBA's Toronto Raptors in a deal worth about $1.3 billion.
Rogers Communications and BCE Inc have purchased a majority stake in Maple Leaf Sports and Entertainment from the Ontario Teachers' Pension Plan in one of the richest sports deal in North American history.
Rogers and BCE, rival telecommunication companies, will each own 37.5 percent while Toronto businessman Larry Tanenbaum upped his minority stake to 25 percent.
MLSE also owns the Air Canada Centre, the home of the Maple Leafs and Raptors and a major concert venue. The Maple Leafs have long been the most followed hockey team in Canada. In all, the Leafs have won 11 Stanley Cups, but none since 1967.
The deal also includes the Toronto FC of Major League Soccer, a minor league hockey team, and the Leafs and Raptors TV stations.
Rogers already owns the Toronto Blue Jays baseball team and their stadium, the Rogers Centre, as well as the Canadian broadcaster Sportsnet.