The Ontario Teachers' Pension Plan has shelved plans to sell its 80 percent stake in Maple Leaf Sports and Entertainment Ltd, which owns Toronto's National Hockey League and National Basketball Association teams.
Teachers', one of Canada's largest pension fund administrators, said it made the decision after receiving various expressions of interest in buying the stake. Teachers' said in March it was considering a sale.
Teachers' has concluded this eight-month process with the decision to maintain its stake in MLSE, which has been, and continues to be, a very successful investment, Teachers' said in a statement.
MLSE owns the NHL's Toronto Maple Leafs, the NBA's Toronto Raptors and the Air Canada Center, the downtown arena in which the two teams play. Its stable includes several other sporting franchises and related broadcasting assets and property.
Teachers' raised its stake in MLSE to around 80 percent in September after completing the purchase of a 13.46 percent stake from TD Capital Group.
It said earlier in the year that adding the stake would improve its chances of completing a sale of the entire holding.
Last week a report in the Toronto Star newspaper said Providence Equity Partners, a U.S. based private equity firm, was looking at buying the stake.