Larry Tanenbaum no longer owns a stake in the Toronto Raptors, marking the end of an era for basketball in Canada. As of Monday, Tanenbaum is officially out as a co-owner of Maple Leaf Sports and Entertainment (MLSE), following a deal that gives Rogers Communications full control. Tanenbaum's departure leaves a void in the heart and soul of the conglomerate, according to fans and observers.
Tanenbaum's relentless pursuit of an NBA team
Tanenbaum, now 80, began chasing an NBA franchise for Toronto in the early 1990s when basketball was a afterthought in Canada. He attempted to relocate the Denver Nuggets in 1991 and made bids for the New Jersey Nets and San Antonio Spurs, all unsuccessful. Undeterred, in late 1992 he sent an unsolicited, non-refundable $100,000 cheque to the NBA to start the expansion process. Although the league initially spurned his group, the Raptors were born a few years later without him. Tanenbaum eventually secured part ownership of the Toronto Maple Leafs in 1996 and helped broker the 1998 acquisition of the Raptors, creating MLSE.
Building a championship culture
Tanenbaum became the face and soul of MLSE, fostering a family atmosphere with parties for players and staff. He was instrumental in bringing Tim Leiweke as president and Masai Ujiri as Raptors general manager, moves that led to a new practice facility, the Raptors 905 farm team, and the 2019 NBA championship. Tanenbaum also served as chairman of the NBA's board of governors. His open letter to fans stated: “As I step back as an owner, as contemplated by a shareholders agreement entered into 15 years ago, I am extremely proud to leave this legacy of excellence, a culture of winning, and a family feeling among all our MLSE employees to be carried on.”
The WNBA's Toronto Tempo: A full-circle moment
Tanenbaum remains involved in professional basketball through the Toronto Tempo, Canada's first WNBA franchise, which he helped bring to Toronto. The Tempo play at Coca-Cola Coliseum on the CNE grounds, the same location Tanenbaum had envisioned for the Nuggets in 1991. Alex Wong, author of 'Prehistoric: The Audacious and Improbable Origin of the Toronto Raptors', noted: “So it’s like a full circle, because (the Tempo are) there now. So Larry kind of does get to check off that box of bringing a new team to the CNE, what, 35 years later.” The Tempo have been a success, with Marina Mabrey tying the WNBA single-game scoring record with 53 points on June 25, 2026.
Rogers takes full control
Rogers Communications, under owner Edward Rogers and CEO Tony Staffieri, now runs MLSE entirely. Rogers has indicated it will seek outside minority investment. While Rogers has shown willingness to spend on payroll, Tanenbaum's departure marks a loss of the organization's heart and soul. Tanenbaum concluded his letter: “I applaud the accomplishments of Edward and wish him and his team all the best moving forward with this extraordinary organization. Now, I look forward to joining you all as a lifelong fan. See you at the games.”
