I’ll have my thoughts on this deal a little later on but here’s the link to the Toronto Maple Leafs Press Releases on Rogers and Bell buying into Maple Leaf Sports Entertainment.. Bell, Rogers, OTPP and Larry Tanenbaum each have their own press releases. Additionally, the link takes you to a stream of the press conference.
Here are couple of financial highlights from the Rogers and Bell press releases. From Rogers –
Rogers’ net cash commitment, following a planned leveraged recapitalization of MLSE, will total approximately $533 million, representing a 37.5 percent equity interest in MLSE, and will be funded with cash on hand at closing. In a concurrent transaction, KSI Investments, owned by Larry Tanenbaum, will increase its current 20 percent ownership interest in MLSE to 25 percent.
From Bell –
Bell’s net cash commitment, following a planned leveraged recapitalization of MLSE, will total $398 million, representing a 28% equity interest in MLSE, and will be funded with cash on hand at closing. Through a co-investment arrangement with Bell, the BCE Master Trust Fund, an independent trust that holds and manages pension fund investments serving the pension obligations of BCE Group pension plan participants, will contribute $135 million toward the MLSE acquisition. The total investments by Bell and the BCE Master Trust Fund equal the 37.5% equity interest to be acquired by Rogers.
On top of that, CBC sent out its own statement on the matter –
“I would like to congratulate Bell, Rogers and Larry Tanenbaum on their deal announced today. To know the ownership of Canadian teams will be kept in Canadian hands is great news,” said Kirstine Stewart, executive vice-president CBC English Services. “Increasingly, sports rights deals are dependent on strong partnerships. We are proud of our partnerships with Rogers on the upcoming FIFA World Cup 2014 and with Bell as we prepare our joint Olympic 2014/2016 bid.”