More than two decades after purchasing an 80% stake in the Toronto Blue Jays for $165 million, Rogers Communications is reportedly thinking about selling some of its share of the team and its stadium, the Rogers Centre.
The reports come after former chief financial officer Tony Staffieri became interim chief executive of Rogers last week — he’s been vocal about his plans to focus on paying down company debt. The team and its venue are worth an estimated $2 billion.
There are reportedly a number of options for the sale:
- Sell a minority stake in the club
- Spin off the team
- Sell “tracking shares” to raise money, similar to those of the Liberty Media-owned Atlanta Braves
Rogers also owns a 37.5% stake in Maple Leaf Sports and Entertainment, the parent company of the Raptors, Maple Leafs, Argos, and Toronto FC. Earlier this year, Rogers announced plans to acquire Shaw Communications for roughly $16.02 billion.
Company chairman Edward Rogers could stick with the team, as he is reportedly a potential buyer. Rogers and Brookfield Asset Management are currently working on redeveloping the Rogers Centre.