Sportsnet is one of the most powerful names in Canadian sports media. The network’s owner, Rogers Media, has regional rights to four NHL franchises and national play-by-play rights to the Toronto Raptors. It also co-owns the Toronto Blue Jays and has national play-by-play right to the Major League Baseball team too, but that may change.
According to Abigail Gentrup of Front Office Sports, Rogers is exploring selling its stake in the Blue Jays. Three different options exist. The company could sell a minority stake in the team, it could spin the team off entirely, or it could sell “tracking shares” in the team.
Rogers owns 80% of the Toronto Blue Jays currently. The team and its stadium, the Rogers Centre, have been valued at over $2 billion according to The Globe and Mail.
Former chief financial officer Tony Staffieri became interim chief executive of Rogers last week. H has been vocal about paying down some of the company’s debt. That is when the rumors of a Blue Jays sell began.
If the company were to dump all or part of its stock in the Blue Jays, it doesn’t mean the team would be entirely done with the Rogers name. Company chairman Edward Rogers is working with Brookfield Asset Management to redevelop the Rogers Centre and has been listed as a potential buyer of the team.
The Toronto Blue Jays aren’t the only sports asset Rogers could sell off to pay down some of its debt. The company also owns a 37.5% share of Maple Leaf Sports and Entertainment. That company owns the Raptors, Maple Leafs, Argonauts (CFL), and Toronto FC (MLS).
