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Tanenbaum Unlikely to Sell Maple Leaf Stake, Toronto Star Says

Larry Tanenbaum, the Canadian construction magnate who owns 20.5 percent of Maple Leaf Sports & Entertainment Ltd., is unlikely to sell his stake but may have to decide soon whether to exercise his first right of refusal to buy the 66 percent owned by the Ontario Teachers Pension Plan, the Toronto Star reported, citing unidentified people with knowledge of the matter.

The pension plan wants to sell its stake in Maple Leaf, which owns the Toronto Maple Leafs hockey team and the Raptors basketball club, for about $1.3 billion and has had talks with Rogers Communications Inc., the newspaper said.

Tanenbaum would need a partner or partners to bid for the stake, the Star cited one of its informants as saying.

Tanenbaum didn’t return phone calls seeking comment, the newspaper added.

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