If you’re looking to get into a thriving business venture in Toronto, there are few better bets than the Toronto Raptors and Maple Leafs.
For longtime MLSE chairman Larry Tanenbaum, it looks like the past year has been quite profitable for him.
Owning 20 per cent of both franchises (as well as Toronto FC, the Toronto Argonauts, and three minor-league teams) through his company Kilmer Sports, Tanenbaum found himself increasing his net worth by about 12 per cent over the past year.
Tanenbaum moved up 25 spots on the Forbes’ list of Billionaires for 2025, going from #1330 to #1305. His net worth increased US$300 million from US$2.5 billion to US$2.8 billion, or about C$3.57 billion to C$4 billion.
The Argonauts are coming off of a season where they won the 2024 Grey Cup, but the organization’s other teams haven’t been quite as successful in recent years.
The Raptors have missed the playoffs three years in a row, Toronto FC have missed them four years in a row, and while the Maple Leafs have been steady playoff contenders since 2017, they have won only one postseason round in that timeframe.
Tanenbaum has been involved in the Toronto sporting scene since 1996 when he first acquired a stake in the Maple Leafs. He also independently owns the Toronto Tempo of the WNBA and soccer club AS Saint-Étienne of France’s top league through Kilmer Sports.
While Tanenbaum seems to be doing well, the success hasn’t trickled down to all his workers. Notably, MLSE cut around 80 jobs earlier this year, about eight per cent of the company’s total workforce.
The news of the restructuring came just one day after an announcement of a C$146-million renovation to BMO Field ahead of the 2026 FIFA World Cup, C$23 million of which will be coming directly from MLSE, with the city footing the rest of the bill.
John E. Sokolowski-Imagn Images
