TORONTO - The Ontario Teachers' Pension Plan says its in advanced talks with TD Capital Group to buy its stake in the company that controls the Toronto Maple Leafs.
The pension fund says it has reached an understanding on the principal financial terms, but did not say what they were.
Teachers' has said it working with its advisers to explore strategic alternatives regarding its ownership in the firm and the deal with TD (TSX:TD) is expected to streamline that process.
TD Capital Group holds a 13.46 per cent minority share of Maple Leaf Sports and Entertainment which also controls the NBA's Toronto Raptors, the Toronto FC soccer franchise and the AHL's Toronto Marlies. MLSE also owns the Air Canada Centre.
Teachers' stake could increase to between 76.35 per cent and 79.53 per cent, subject to the MLSE shareholders' agreement.
Kilmer Sports, which is controlled by Toronto businessman Larry Tanenbaum, holds about 20.5 per cent.
