Raptors governor Larry Tanenbaum is selling a portion of his stake in the NBA team’s parent company, according to Scott Soshnick and Kurt Badenhausen of Sportico (subscription required). Tanenbaum is the chairman of Maple Leaf Sports & Entertainment, the company that controls not only the Raptors but also the NHL’s Toronto Maple Leafs, Toronto FC of MLS, the CFL’s Toronto Argonauts, and their respective venues.
Soshnick and Badenhausen report that Tanenbaum is selling to OMERS, which is a pension plan for approximately 540,000 municipal employees in Ontario. The valuation in the sale is $8 billion, though it’s unclear exactly how that figure breaks down among the various sports franchises controlled by MLSE. Forbes’ most recent projections estimated that the Raptors, on their own, were worth $3.1 billion.
Based on Sportico’s reporting, there’s no indication that Tanenbaum’s role with the Raptors will change, but we’ll wait for confirmation once the deal is officially approved by the NBA.
Here’s more from around the Atlantic with the 2023 NBA draft around the corner:
- Even though they have a frontcourt logjam and could use a shooter and/or more depth in the backcourt, the Raptors will take a “best player available” approach into draft night, where they’re armed with the No. 13 overall pick, VP of player personnel Dan Tolzman said this week. “You can’t deny talent when it’s all said and done with the draft picks,” Tolzman said, per Doug Smith of The Toronto Star. “Because you never know what the team could look like two weeks later, a month later, six months later.”
- While the Raptors may not be targeting a guard on Thursday night, the team “badly” needs some clarity at that spot, according to Eric Koreen of The Athletic, who argues that figuring out its long-term plan in the backcourt should be a top offseason priority for Toronto.
- Kyle Neubeck of PhillyVoice.com examines the latest trade rumors involving Sixers forward Tobias Harris, attempting to determine whether there might be a workable deal with a team rumored to have interest, like Detroit, Cleveland, or Indiana.
- It’s hard for Chris Forsberg of NBC Sports Boston to wrap his head around the idea that Marcus Smart won’t be a member of the Celtics next season. Forsberg attempts to break down Boston’s reported trade for Kristaps Porzingis, referring to Smart’s inclusion in the deal as “a shock.”