Larry Tanenbaum's time as chairman of Maple Leaf Sports & Entertainment (MLSE) is officially over.
Rogers Communications announced Monday that it had assumed full control of MLSE after acquiring the remaining 25% ownership stake from Tanenbaum's Kilmer Sports Inc. for $4.35 billion CAD.
Tanenbaum thanked Toronto sports fans in an open letter.
"I am extremely proud to leave this legacy of excellence, a culture of winning, and a family feeling among all our MLSE employees to be carried on," Tanenbaum wrote.
He added: "I believe that sports has the power to unite communities, to create positive role models, and to impart the value of teamwork to younger generations. Alongside my wife and family, we have witnessed what is possible when people come together with a common purpose."
Rogers had the right to purchase Tanenbaum's minority stake through a shareholders agreement arranged 15 years ago.
In addition to MLB's Toronto Blue Jays, Rogers now owns the NHL's Toronto Maple Leafs, the NBA's Toronto Raptors, MLS' Toronto FC, the CFL's Toronto Argonauts, the AHL's Toronto Marlies, and the G League's Raptors 905.
"This is a defining moment for Rogers. Our full ownership of MLSE brings together Canada's premier communications company with Canada's premier sports and entertainment organization," Rogers president and CEO Tony Staffieri said in a statement.
"It gives us even more opportunity to invest in championship-caliber teams, create unique experiences for customers and fans, and unlock long-term value for shareholders."
