The whispers about the uncertain state of the sporting interests in the Rogers empire began weeks, maybe months, before Ted Rogers sadly passed away.
The question is: What happens now?
These are terribly uncertain and unpleasant times for business, the economy and the sporting world, all of which are forever inter-connected. But now, so much of this seems more indefinite and less predictable than ever before.
With Mr. Rogers now gone, the state of the Blue Jays and the former SkyDome is in some doubt at precisely the same time that shareholders in Maple Leaf Sports and Entertainment Ltd. -- owners of the Leafs, Raptors and Toronto FC -- are facing all kinds of real concerns.
And it is entirely possible that the ownership structure of the three major league sporting franchises in Toronto -- the Blue Jays, the Leafs and the Raptors -- could be altered somewhat within the next calendar year.
Begin with the Blue Jays and begin with the premise that Ted Rogers wasn't really a sports fan at all. He was talked into buying the Jays, went against some of his top advisers to do so, and bought the team more because of the nationalist in him -- the civic leader -- than it was for any kind of personal enjoyment.
He was the opposite of the average billionaire sports owner. He didn't care to hang with athletes or even know their names. He just knew the Blue Jays were good business for Canada and for one of his television networks -- and for that he seemed willing to lose all kinds of money operating the team.
It is not known who will take over for Rogers at Rogers. There are enormous shoes for anyone to fill for anyone hoping to succeed one of the truly remarkable Canadians of our time, but the leading candidates include Rogers' son Edward, cable and wireless expert Nadir Mohammad, and acting CEO Alan Horn, a former Scottish soccer player.
Those who know the three say that none is particularly fond of baseball.
UNCERTAIN FUTURE
Which means what? It means the company could find a reason to keep the team, or find a reason to sell it. Phil Lind, who was Rogers' right hand man for about the last century, has been the sports voice at Rogers Communications. Lind wanted the Blue Jays. He wants an NFL team in Toronto. He put together the Bills in Toronto package. Lind had Rogers' ear and his trust.
Will Lind have the same cachet with an incoming CEO?
The story at MLSEL is more about economic change than it is about illness and death. Everybody knows the Ontario Teachers' Pension Fund owns 58% of Maple Leaf Sports. But what happens to the teachers in the next month or two may cause them reason to reconsider their stake in MLSEL. The teachers have been attempting a purchase of BCE Inc., what we used to call Bell Canada. The deal, it seems, is falling apart. Should the $35-billion deal not go through, the teachers will be on the hook for a $1.2 billion termination fee.
The details of that payment are now being argued about, but if the teachers have to come up with that enormous amount of money, in light of a failing economy, can they honestly remain with a majority ownership position in the Raptiors and the Leafs?
There also is the question of the 15% share owned by CTVglobemedia and the 14% of MLSEL owned by TD Bank Financial Group. Considering what's going on in the banking industry, it's hard to believe that TD wants to remain with an ownership stake in Maple Leaf Sports. Yes, this may be one of the few investments anywhere that has held its own in this terribly troubled market, but the optics of a bank holding a 14% share of a sporting venture aren't exactly reassuring.
So what's for sale?
Maybe the Jays. Maybe the Rogers Centre. Maybe the Leafs. Maybe the Raptors. Maybe all of it. Maybe none of it. The times are that uncertain.
