Maple Leafs and Raptors sold to telcos

TORONTO (AP) - Canada's largest telecommunication companies have agreed to buy the NHL's Toronto Maple Leafs and NBA's Toronto Raptors in a deal worth about $1.3 billion.

Rogers Communications and BCE Inc announced Friday the purchase of Maple Leaf Sports and Entertainment from the Ontario Teachers' Pension Plan in one of the richest sports deal in North American history.

Rogers and BCE, rival telecommunication companies, will each own 37.5 percent while Toronto businessman Larry Tanenbaum as upped his minority stake to 25 percent.

MLSE also owns the Air Canada Centre, the home of the Maple Leafs and Raptors and a major concert venue. The Maple Leafs have long been the most followed hockey team in Canada. In all, the Leafs have won 11 Stanley Cups, but none since 1967.