The Toronto Maple Leafs have formally solidified their new ownership as Rogers announced on Monday that they will gain full control of their parent company, Maple Leafs Sports and Entertainment (MLSE).

In a press release, Rogers stated they had signed an agreement to buy the remaining 25% ownership stake in MLSE from Kilmer Sports Inc. for $4.35 billion CDN. This brings to an end Larry Tanenbaum’s 28-year stay as an MLSE shareholder, during which he spent the majority of it as chairman of the board. Rogers expects the deal, which is subject to league approvals, to close in the fourth quarter of this year.

“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,” Tony Staffieri, President and Chief Executive Officer of Rogers, said in a statement. “It gives us even more opportunity to invest in championship-calibre teams, create unique experiences for customers and fans, and unlock long-term value for shareholders.”

With complete control of MLSE, Rogers stated that they plan to continue investing in delivering championship-calibre teams, improving the fan experience, and delivering the best sports content, while strengthening its ability to drive long-term growth across its businesses.  They didn’t specify how exactly they will go about doing it, but it will be easier for them to execute on their vision with Tanenbaum and Bell out of the picture, whom they sold their share of MLSE to Rogers in September 2024.

In addition to the Leafs, MLSE owns the Toronto Raptors of the NBA, Toronto FC of MLS, the Toronto Argos of the CFL, the Toronto Marlies of the AHL, and the Toronto 905 of the NBA G-League. Rogers also owns the MLB’s Toronto Blue Jays, Rogers Centre, and Sportsnet under the Rogers Sports & Media subsidiary.

There have been rumblings that once Rogers gains full control of MLSE, they will combine Rogers Sports & Media and MLSE into one large company that will be marked as the sports division of Rogers. It is unclear when exactly this all will unfold and what the new name of this entity will become, but it is clear that the days of MLSE being the owner of the Leafs in its current form are numbered. It is also worth noting that Rogers intends to sell a minority stake in the consolidated Rogers sports, media and entertainment assets over the course of the next year.

The Leafs have long been the NHL’s most valuable franchise, with their value last year being $4.25 billion according to Sportico and one that NHL commissioner Gary Bettman feels is still undervalued. The deal with Kilmer implies a total value for MLSE of $17.4 billion, a 39 percent increase from the $12.5-billion valuation implied when Rogers bought Bell’s stake in 2024. Combine with the speculated merger of the Blue Jays, and this new entity could be valued at well over $20 billion when it is all said and done.