Teams/Atlantic Division
Toronto Raptors
Rogers Communications, chaired by Edward Rogers, has owned 100% of Raptors parent company MLSE since 1 October 2026. It paid about C$9.58B in three steps; Forbes values the team at $5.9B, under its sixth controlling owner since 1993.
Every owner since the start
- 2025-presentRogers Communications (Edward Rogers, chair)
Bought Bell's 37.5% of MLSE for C$4.7B, effective 1 July 2025, reaching 75%; bought the last 25% from Kilmer Sports for C$4.35B on 1 October 2026
- 2012-2025Rogers and Bell, 37.5% each, with Larry Tanenbaum's Kilmer Sports at 25%
Bought the 79.53% of MLSE held by Ontario Teachers for C$1.32B; closed August 2012
- 2003-2012Ontario Teachers pension plan
Took control of MLSE in a July 2003 reorganisation, rising to about 58% and later 79.53%; prices not disclosed
- 1998-2003Maple Leaf Gardens Ltd, renamed MLSE in 1998 and controlled by Steve Stavro
Bought the Raptors and their unfinished arena from Allan Slaight and Scotiabank for a reported C$467M (C$179M for the team)
- 1996-1998Allan Slaight
Bought John Bitove's stake for C$65M in November 1996, reaching 79%; held 90% by late 1997
- 1993-1996John Bitove and Allan Slaight, 44% each
Founding group; won the expansion team for a $125M fee
Value over time
- 11998 Maple Leaf Gardens buys, C$467M
- 22003 Ontario Teachers takes control
- 32012 Rogers and Bell buy in, C$1.32B
- 42025 Rogers reaches 75%, C$4.7B
- 52026 Rogers reaches 100%, C$4.35B
Show the numbers
| Year | Forbes value |
|---|---|
| 1998 | $121M |
| 1999 | $138M |
| 2000 | $148M |
| 2002 | $172M |
| 2003 | $217M |
| 2004 | $297M |
| 2005 | $278M |
| 2007 | $373M |
| 2008 | $400M |
| 2009 | $386M |
| 2011 | $399M |
| 2012 | $382M |
| 2013 | $405M |
| 2014 | $520M |
| 2015 | $920M |
| 2016 | $980M |
| 2017 | $1.12B |
| 2018 | $1.4B |
| 2019 | $1.68B |
| 2020 | $2.1B |
| 2021 | $2.48B |
| 2022 | $3.1B |
| 2023 | $4.1B |
| 2024 | $4.4B |
| 2025 | $5.4B |
| 2026 | $5.9B |
| Year | Sale | Team valued at |
|---|---|---|
| 2023 | OMERS pays US$400M for an indirect 5% of MLSE, implying about US$8B for MLSE (computed from price and stake) Not on the chart: this values the parent company, not the team alone. | $8B |
| 2025 | Rogers buys Bell's 37.5% of MLSE for C$4.7B (about US$3.45B); MLSE valued at C$12.5B, about US$9.2B implied (computed from price and stake) Not on the chart: this values the parent company, not the team alone. | $9.2B |
| 2026 | Rogers buys Kilmer's last 25% of MLSE for C$4.35B (US$3.06B); MLSE valued at C$17.4B, about US$12.2B implied (computed from price and stake) Not on the chart: this values the parent company, not the team alone. | $12.24B |
Forbes valued the Raptors at $121M in 1998 and $5.9B in 2026, about 49 times as much. The biggest one-year jump was $1.0B, in both 2023 and 2025; by percentage it was 2015, up 77%.
How the current owner bought it
- Step one closed in August 2012. Rogers and Bell jointly bought the 79.53% of MLSE held by Ontario Teachers for C$1.32B; each took 37.5%.
- Step two was announced in September 2024 and took effect on 1 July 2025. Rogers paid C$4.7B in cash for Bell's 37.5%, valuing MLSE at C$12.5B.
- Step three was announced on 6 July 2026 and completed on 1 October 2026. Rogers used an option to buy Kilmer's 25% for C$4.35B in cash.
- That price values MLSE at C$17.4B. Rogers paid with C$4.35B of short-term credit facilities, arranged in September 2026 and drawn in full on 1 October.
Partners in the team
Rogers has had no partners in MLSE since 1 October 2026. Larry Tanenbaum's Kilmer Sports has exited, as has OMERS, a pension fund that paid US$400M in 2023 for an indirect 5%.
How the team is run
- Edward Rogers chairs MLSE. Keith Pelley, its president and CEO since April 2024, runs it day to day and now also leads Rogers Media.
- Rogers has put MLSE, the Toronto Blue Jays and its sports media into one unit, Rogers Sports. It plans to sell a minority stake by mid-2027 to cut debt; its CFO said those investors will get no say in team decisions.
- Masai Ujiri was removed as team president in June 2025, weeks after the NBA approved the move to 75%. Pelley said the decision was his, backed by the board.
- General manager Bobby Webster has led basketball operations since August 2025. In June 2026 he was promoted to executive vice president on a multi-year extension.
- The Toronto Star reported in 2021 that Edward Rogers tried to block Ujiri's contract extension. Tanenbaum, as governor, overruled him.
Quick answers
Who owns the Toronto Raptors?
Rogers Communications, chaired by Edward Rogers, has owned 100% of Raptors parent company MLSE since 1 October 2026.
How much are the Toronto Raptors worth?
Forbes values the Toronto Raptors at $5.9B in its October 2026 list, up 9% from $5.4B a year earlier. That makes them the 12th most valuable of the 30 teams; in 1998 Forbes put the team at $121M.
How much did the current owner pay for the Raptors?
No team-only price (Rogers Communications, 2012 to 2026).
Who owned the Toronto Raptors before the current owner?
Rogers and Bell, 37.5% each, with Larry Tanenbaum's Kilmer Sports at 25% (2012-2025). Bought the 79.53% of MLSE held by Ontario Teachers for C$1.32B; closed August 2012.
Open questions
- The NBA governor after Larry Tanenbaum has not been named in any source found.
- What OMERS received when Kilmer's 25% was sold was not reported.
- Prices for the 2003, 2008 and 2011 changes in MLSE's shareholders were not disclosed.