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Future History?

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  • craigw@mountaincable.net
    Today it was announced that Rogers Communications (a wireless, cable, giant in Canada who also own Toronto Blue Jays and Skydome) are involved in serious talks
    Message 1 of 5 , Dec 1, 2010
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      Today it was announced that Rogers Communications (a wireless, cable,
      giant in Canada who also own Toronto Blue Jays and Skydome) are involved
      in serious talks about buying the Ontario Teachers Pension Plan shares of
      Maple Leaf Sports and Entertainment (MLSE) which includes the Maple Leafs,
      Raptors, Marlies and Toronto FC soccer team. The pension fund owns 66% of
      MLSE.

      During the talks about this on the radio I heard a business professor from
      McMaster University in Hamilton suggest that legally speaking there is
      nothing stopping Jim Ballsillie from also trying to buy these shares.
      According to this professor if Ballsillie came up with more money than
      Rogers there is nothing the NHL can do under Canadian law to prevent him
      from purchasing these shares. If he did so he would be the majority owner
      of the Leafs and have his NHL team.

      Wouldn't that be something?

      Craig
    • Coach Rob (Nestle Baseball)
      The mind boggles at the possible twists and turns that could play out... I wonder if NHL by-laws would legally permit Bettman to refuse to let the Leafs
      Message 2 of 5 , Dec 1, 2010
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        The mind boggles at the possible twists and turns that could play out...

        I wonder if NHL by-laws would legally permit Bettman to refuse to let the Leafs portion be sold to Ballsillie, leaving him with the less desirable MLSE assets?

        Or if Ballsillie was able to buy the whole enchilada, I wonder if he might find poetic justice in moving the Leafs to Hamilton, and then allowing an expansion team to be located in Toronto, so he could pocket the territorial indemnification???!!!

        Rob (back) in 905

        --- On Wed, 12/1/10, craigw@... <craigw@...> wrote:

        From: craigw@... <craigw@...>
        Subject: [hockhist] Future History?
        To: hockhist@yahoogroups.com
        Date: Wednesday, December 1, 2010, 1:35 PM







         









        Today it was announced that Rogers Communications (a wireless, cable,

        giant in Canada who also own Toronto Blue Jays and Skydome) are involved

        in serious talks about buying the Ontario Teachers Pension Plan shares of

        Maple Leaf Sports and Entertainment (MLSE) which includes the Maple Leafs,

        Raptors, Marlies and Toronto FC soccer team. The pension fund owns 66% of

        MLSE.



        During the talks about this on the radio I heard a business professor from

        McMaster University in Hamilton suggest that legally speaking there is

        nothing stopping Jim Ballsillie from also trying to buy these shares.

        According to this professor if Ballsillie came up with more money than

        Rogers there is nothing the NHL can do under Canadian law to prevent him

        from purchasing these shares. If he did so he would be the majority owner

        of the Leafs and have his NHL team.



        Wouldn't that be something?



        Craig

























        [Non-text portions of this message have been removed]
      • Michael Levin
        Does Ballsillie have the money? Ted Rogers has some deep pockets and access to capital markets through Rogers Communications. Does Ballsillie have similar
        Message 3 of 5 , Dec 1, 2010
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          Does Ballsillie have the money? Ted Rogers has some deep pockets and
          access to capital markets through Rogers Communications. Does
          Ballsillie have similar resources? If so, then why would he wait this
          long to make a bid for the pension fund's shares?


          BTW, where are the Coyotes going to play next year? I am going with
          Glendale and the NHL remaining as the owners.

          On Dec 1, 2010, at 1:52 PM, Coach Rob (Nestle Baseball) wrote:

          > The mind boggles at the possible twists and turns that could play
          > out...
          >
          > I wonder if NHL by-laws would legally permit Bettman to refuse to
          > let the Leafs portion be sold to Ballsillie, leaving him with the
          > less desirable MLSE assets?
          >
          > Or if Ballsillie was able to buy the whole enchilada, I wonder if he
          > might find poetic justice in moving the Leafs to Hamilton, and then
          > allowing an expansion team to be located in Toronto, so he could
          > pocket the territorial indemnification???!!!
          >
          > Rob (back) in 905
          >
          > --- On Wed, 12/1/10, craigw@... <craigw@...
          > > wrote:
          >
          > From: craigw@... <craigw@...>
          > Subject: [hockhist] Future History?
          > To: hockhist@yahoogroups.com
          > Date: Wednesday, December 1, 2010, 1:35 PM
          >
          >
          >
          > Today it was announced that Rogers Communications (a wireless, cable,
          >
          > giant in Canada who also own Toronto Blue Jays and Skydome) are
          > involved
          >
          > in serious talks about buying the Ontario Teachers Pension Plan
          > shares of
          >
          > Maple Leaf Sports and Entertainment (MLSE) which includes the Maple
          > Leafs,
          >
          > Raptors, Marlies and Toronto FC soccer team. The pension fund owns
          > 66% of
          >
          > MLSE.
          >
          > During the talks about this on the radio I heard a business
          > professor from
          >
          > McMaster University in Hamilton suggest that legally speaking there is
          >
          > nothing stopping Jim Ballsillie from also trying to buy these shares.
          >
          > According to this professor if Ballsillie came up with more money than
          >
          > Rogers there is nothing the NHL can do under Canadian law to prevent
          > him
          >
          > from purchasing these shares. If he did so he would be the majority
          > owner
          >
          > of the Leafs and have his NHL team.
          >
          > Wouldn't that be something?
          >
          > Craig
          >
          > [Non-text portions of this message have been removed]
          >
          >
          >



          [Non-text portions of this message have been removed]
        • Lloyd Davis
          One wild card is that Kilmer Sports, Larry Tanenbaum s firm, has a right of first refusal on any interest in the team that is put up for sale. It has been
          Message 4 of 5 , Dec 1, 2010
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            One wild card is that Kilmer Sports, Larry Tanenbaum's firm, has a
            right of first refusal on any interest in the team that is put up for
            sale.

            It has been reported that Tanenbaum and the late Ted Rogers used to
            blue-sky it about cornering the pro sports business in Toronto. That
            opens up the possibility of any number of scenarios, such as Tanenbaum
            electing to let Rogers take a majority position, while adding to his
            own stake in MLS&E, or the formation of a new company to own MLS&E and
            the Blue Jays and give Tanenbaum a minority share of the whole works.

            Tanenbaum used to be in the broadcasting business himself, back when
            the landscape was a lot different. His company was an investor in
            Trillium cable, the YTV cable channel, radio stations such as CKLW in
            Windsor/Detroit. That company was sold to Shaw.

            Shaw has been in an expansive mood lately. They acquired CanWest's
            television assets, including the over-the-air Global TV system and a
            raft of cable channels. They're also going into the wireless and
            cellular businesses on a national level. Now, they may not be in a
            position to make another big acquisition, but an outfit like MLS&E
            would certainly help establish them as a national rival to Rogers.

            Bell Canada might even get into the game. Just recently, Bell
            purchased the CTV television network, which owns TSN and Réseau des
            Sports. CTV has been an investor in MLS&E -- it bought out Steve
            Stavro in 2003, and sold part of its holding to Tanenbaum a couple of
            years ago and the rest to Teachers' in 2009.

            Which leads to my larger point, in case you haven't noticed the common
            thread: MLS&E is more than a hockey team, it's a sports conglomerate
            with multiple teams in multiple sports, a facility it owns outright
            and several others that it manages under contract, with a couple of TV
            stations of its own. There's a lot of underlying value in the teams as
            a source of broadcasting content (not just on television, but on the
            internet and over wireless devices) and a means of selling advertising
            across different platforms (on TV stations, on handheld devices, on
            the team website, in the arena). Everything that Rogers has tried,
            with some success, to exploit with the Blue Jays.

            Balsillie owns a technology company that makes wireless devices, but
            doesn't have much apparent interest in being a content producer or
            distributor. HIs interest to date has been to own a hockey team, plain
            and simple. So I don't think MLS&E is a company that would interest
            him at all.






            On 1-Dec-10, at 1:35 PM, craigw@... wrote:

            > During the talks about this on the radio I heard a business
            > professor from
            > McMaster University in Hamilton suggest that legally speaking there is
            > nothing stopping Jim Ballsillie from also trying to buy these shares.
            > According to this professor if Ballsillie came up with more money than
            > Rogers there is nothing the NHL can do under Canadian law to prevent
            > him
            > from purchasing these shares. If he did so he would be the majority
            > owner
            > of the Leafs and have his NHL team.
          • Lloyd Davis
            ... Until fairly recently, Teachers hasn t shown interest in divesting its share of MLS&E. However, it seems that lately it is in a mood to cash out of some
            Message 5 of 5 , Dec 1, 2010
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              On 1-Dec-10, at 1:59 PM, Michael Levin wrote:

              > Does Ballsillie have the money? Ted Rogers has some deep pockets and
              > access to capital markets through Rogers Communications. Does
              > Ballsillie have similar resources? If so, then why would he wait this
              > long to make a bid for the pension fund's shares?
              >


              Until fairly recently, Teachers' hasn't shown interest in divesting
              its share of MLS&E. However, it seems that lately it is in a mood to
              cash out of some holdings. It just dumped a bunch of stock in Maple
              Leaf Foods, the meat-packing and food-processing giant.

              People are moving into the condominiums that MLS&E built on the real
              estate near the Air Canada Centre. That was probably the last growth
              opportunity for the company. Now would be an excellent time to take
              some profits and deploy them in some depressed assets elsewhere.

              If the $1.3 billion price tag for MLS&E (which apparently won't
              include the real estate outside of the ACC) is correct, that would be
              roughly half Balsillie's reported net worth. That's an awfully big
              nut. Rogers Communications has a market cap about seven times as great
              as Balsillie's net worth. And the Rogers estate is good for about five
              billion.

              Now, with the buzz about Terry Pegula trying to buy the Buffalo
              Sabres, a more pertinent question might be, why isn't Balsillie all
              over that option?
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