Toronto Business Exec Reportedly Interested In Buying MLSE
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| Shnaider Inquiring About Buying MLSE |
Toronto-based business exec Alex Shnaider has been talking with investment banks and industry contacts “about how much money it would take to pry the [Maple] Leafs’ parent company -- Maple Leaf Sports and Entertainment -- away from its owners,” according to sources cited by Rick Westhead of the TORONTO STAR. The Russian-born Shnaider, who previously owned the Midland F1 Racing team, has not formally contacted MLSE, but sources said that he has had conversations with investment bankers and former Maple Leafs RW Tie Domi, a friend of Shnaider who "may have insights into MLSE's hockey operations." A report claims MLSE is worth $1.5B due to its ownership of the Maple Leafs, Raptors, MLS Toronto FC, the Air Canada Centre and Leafs TV. But Inner Circle Sports Founder Rob Tilliss said that Shnaider “might have to offer as much as $1.75[B] to seriously attract the interest” of the Ontario Teachers’ Pension Plan, a co-Owner of MLSE. Sports & Entertainment LP President & CEO Brian Cooper said, “Teachers is going to look at every serious deal because they have a fiduciary responsibility to their constituents.” Teachers spokesperson Deborah Allan said that the group was unaware of Shnaider’s interest (TORONTO STAR, 1/5). A source said of the report of Shnaider's interest in the company, “I wouldn’t put much credence in it.” In Toronto, David Shoalts notes MLSE Chair Larry Tanenbaum “has the right of first refusal on the shares of the other owners,” which also includes CTVglobemedia and TD Capital. MLSE President & CEO Richard Peddie said that all shareholders “have the right to buy the shares of any other owner,” but he added that "none of the owners is willing to sell right now” (Toronto GLOBE & MAIL, 1/7).
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