The Toronto Maple Leafs are off to a difficult start in the 2025-26 season. With a 9-9-2 record through 20 games, the franchise sits seventh in the Atlantic Division with just 20 points. The struggles on the ice have raised questions about the team’s direction under head coach Craig Berube.
However, while fans focus on the disappointing results at Scotiabank Arena, an entirely different battle is unfolding in the boardroom. The ownership structure of Maple Leaf Sports and Entertainment has become the subject of intense speculation, with industry insiders believing another blockbuster transaction could be on the horizon.
Toronto Maple Leafs Ownership Group Eyes Complete Control of MLSE
Rogers Communications has steadily increased its stake in Maple Leaf Sports and Entertainment throughout 2025. In July, the company made headlines by spending $4.7 billion to acquire rival BCE’s 37.5 percent stake in the sports empire.
That massive purchase pushed Rogers’s ownership share to 75 percent. However, sources suggest that executive chair Edward Rogers isn’t satisfied with just majority control.
The company is widely believed to be positioning itself to acquire the remaining 25 percent stake from fellow billionaire Larry Tanenbaum’s Kilmer Group when the opportunity arises next year.
The move would give Rogers complete ownership over MLSE, which controls not just the Maple Leafs but also the Toronto Raptors, Toronto FC, and several other valuable sports properties.
Combined, these assets make MLSE worth an estimated $11.9 billion, making it one of the most valuable sports organizations globally. Edward Rogers has made sports dominance a clear priority since becoming executive chair of the Rogers board in 2024.
His aggressive strategy extends far beyond just owning teams. Along with the MLSE acquisition, Rogers Communications signed an enormous $11 billion deal to expand the company’s exclusive broadcasting contract with the NHL through 2038.
That broadcasting agreement represents one of the largest media rights deals in hockey history. It ensures Rogers maintains control over how Canadians consume NHL content for more than a decade.
The dual approach of owning both the teams and the broadcasting rights gives Rogers unprecedented influence over the sport in Canada’s largest market. The potential buyout of Tanenbaum’s stake would mark the completion of Rogers’s takeover.
While Tanenbaum has been a prominent figure in Toronto sports for decades, the writing appears to be on the wall. Rogers has shown they’re willing to spend whatever it takes to gain complete control.
For Maple Leafs fans struggling through another disappointing season, the ownership changes represent yet another layer of uncertainty. Whether Rogers’s increased investment translates to better results on the ice remains to be seen.
