Haven't they been for sale for the last 8 months or so?
What's this I hear about an American buyer? No way this can happen.
Edit: From SportsNet
BLUE & WHITE ... AND RED?
U.S. investment company Providence Equity Partners is interested in purchasing Maple Leafs Sports & Entertainment.
According to a report from the Toronto Star the company has inquired about purchasing the Ontario Teachers' Pension Plan's stake in MLSE.
Nine months ago the Teachers' announced it was selling its 80 per cent stake in MLSE.
Marquee sports franchises, and conglomerates such as the MLSE, are often worth over $1 billion, which makes it difficult for individuals to purchase them. Sports franchises like the Detroit Pistons and the Philadelphia 76ers in the NBA have been bought out by private equity firms in the past.
"Now it's all about the financial play and the investment, not the emotion or getting into the locker room," Brian Cooper, a former Maple Leaf Sports executive, who is now president of sports consulting company S&E Sponsorship Group, told the Star.
According to its website, Providence Equity Partners manages funds worth more than $23 billion, and is the world's leading private equity firm focusing on media, communications, information and educational investments.
It is uncertain whether or not the firm has made a formal offer.
The Teachers' is reportedly asking for $1.5 billion for its stake in MLSE.
Background on Providence
The CEO of Providence Equity Partners is Jonathan Nelson...
Jonathan M. Nelson
Chief Executive Officer
Jonathan Nelson is Providence's chief executive officer and is based in our Providence and New York offices. Mr. Nelson is currently a director of Hulu, Television Broadcasts Limited ("TVB"), Univision Communications and Yankees Entertainment & Sports Network. Mr. Nelson also serves on the Sony Corporation Supervisory Board. Mr. Nelson founded Providence Equity in 1989. Previously, he was a managing director of Narragansett Capital Inc., which he joined in 1983. At Narragansett Capital, Mr. Nelson specialized in private equity investments in the cable television, broadcasting and publishing sectors. Mr. Nelson received a Master of Business Administration from Harvard Business School and a Bachelor of Arts from Brown University. Mr. Nelson is a trustee of Brown University and serves on the board of Newport Festivals Foundation.
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Last edited by LightsOut on Nov-16-2011 at 17:11