Toronto-Dominion Bank confirmed it is in “advanced discussions” regarding the sale of its stake in Maple Leaf Sports and Entertainment to the Ontario Teachers’ Pension Plan.
“As with any financial investment, we are prepared to exit at the right time and on the right terms,” said Wojtek Dabrowski, a spokesman for the bank.
“We believe this proposed transaction affords us that opportunity.”
Financial details have not been disclosed.
With $107-billion in assets under management, Teachers’ is one of Canada’s largest pension plans.
It already owns 66% of MLSE. If the transaction goes through, Teachers’ said its ownership stake could increase to between 76.35% and 79.53%.
Jim Leech, chief executive of the Teachers’, said the purchase of TD’s stake in the sports franchise is intended to “streamline” a potential sale process started by the pension plan last year.
“We have to look when credible parties say, ‘Are you interested in selling [because] we’re interested in buying,” he said, adding that if an acceptable bid for Teachers’ combined 75 to 80% stake doesn’t materialize, the pension plan will consider owning MLSE.