Since June 2024, ASSE has been under the Canadian flag under the ownership of the Kilmer Sports Ventures group. Larry Tanenbaum, new boss of the Saint-Etienne club, has already invested massively in other sporting entities. Business is moving on his side. What will impact the future of ASSE? Explanations.
Larry Tanenbaum, a Canadian builder and investor with sporting ambition
Born July 8, 1945 in Toronto, Larry Tanenbaum is a Canadian businessman, renowned in the business and sports sectors in North America. Coming from a family of Polish origin, whose company specialized in steel manufacturing, Tanenbaum was able to develop the family heritage in Canada. In 1968, at just 23 years old, he became Managing Director of Kilmer Van Nostrand, a construction company. Seven years later, he took over as president and continued its development, thus building a successful company. Over the years, he consolidated his fortune and decided to invest in an area that he was particularly passionate about: sport.
At the head of a sports empire
It was in hockey, Canada's emblematic sport, that Tanenbaum began. In the 1990s, he acquired a minority stake in the Toronto Maple Leafs. A few years later, he achieved a breakthrough by creating Maple Leaf Sports & Entertainment (MLSE), one of the largest sports and entertainment companies in Canada. MLSE today owns the Toronto Maple Leafs (NHL), the Toronto Raptors (NBA) and the Toronto FC soccer club (MLS).
When the exclusive negotiations for the purchase of AS Saint-Étienne were announced, Larry Tanenbaum, President of Kilmer Sports Ventures, spoke: “I know the importance of AS Saint-Étienne for its community and French Football. This club is much more than a team; it embodies the beating heart of a city and a region. Today, we want to help the club progress while respecting its identity and its positive impact on the region. The history, the supporters, the roots of the club, and the quality of the work accomplished by the current team convinced us to commit to AS Saint-Étienne. Go Greens! »
Estimated at $2.5 billion according to Forbes, Larry Tanenbaum ranks among the richest people in the world, occupying 1,366th place in the ranking. A fortune and investments that could continue.
3 Billion to Spend on Tanenbaum?
The Star Toronto gave a broad report on the owner of ASSE. It is interesting to look at the elements that come to us from across the Atlantic as they could have a direct impact for the Greens.
“Toronto businessman Larry Tanenbaum could soon find himself with more than $3 billion to spend, and sports industry experts believe he may consider buying a professional soccer team in the English Premier League or a share in an NFL franchise: “He's going to have a lot of money to spend. I don't know what it will be after taxes, but it will be a significant amount. “, declared Richard Peddie, longtime sports executive and former CEO of Maple Leaf Sports & Entertainment.
In mid-September, Rogers Communications announced that it had reached an agreement to acquire the 37.5% stake in MLSE currently held by BCE, for $4.7 billion. If this deal is approved by regulators and officials of the NHL, NBA, MLS and CFL leagues, Rogers would then own a total of 75% of MLSE, which owns the Toronto Maple Leafs, the NBA Raptors, Toronto FC the MLS, and the Argonauts of the CFL, as well as the Toronto Marlies in the AHL.
The remaining 25% of MLSE is owned by Kilmer Sports Ventures, controlled by Tanenbaum. (The Ontario Municipal Employees Retirement System, or OMERS, in turn owns 25% of Kilmer Sports.) Kilmer has the right to sell its stake in MLSE to Rogers by July 2026, but stock analysts who follow Rogers believe the telecom giant could look to buy Kilmer's stake sooner than that. At the same overall valuation level as the BCE-Rogers deal, Kilmer's share would be worth about $3.1 billion. Neither Kilmer nor Rogers would comment for this article.
New investment for Tanenbaum?
The Star Toronto continues. Richard Peddie supports his statements: “The man has an exceptional reputation. He's liked by three leagues. He's a great man, and he has a good track record. He knows the sport, and that's important. Some newcomers come in with billions, but end up failing because they do things that make no sense Although Kilmer has already announced the arrival of a WNBA franchise in Toronto in 2026, Tanenbaum would still have plenty to invest in. US) to bring the WNBA to town, including 50 million for expansion costs, as well as the construction of a new training center.
The Canadian newspaper adds that the appointment of Ivan Gazidis at the head of Kilmer Sports Ventures could suggest greater investments in the world of Football. This is confirmed by Kieran Maguire, specialist in football finance at the University of Liverpool. “Gazidis is already a well-known figure in the football industry in Europe and the United Kingdom. Having someone who knows the pitfalls of the industry, who knows where the sensitive areas are, in my opinion, is worth its weight in gold. I would always be willing to pay a lot for a trusted CEO as an owner. And there aren't many people you can trust in football. You can buy a piece of art and put it on your wall, but how many people will come to see it? …If you buy a Premier League club, it's broadcast in 197 countries every week. There's the idea that it's undervalued, and if you buy at the right time, and the right club, you can get a fantastic deal […] If I were a North American investor, I would probably look in London, as the London market is really distinct from the rest of the UK. Tottenham Hotspur, Crystal Palace and West Ham United are potential London targets for Tanenbaum.”
As a reminder, in 2022, Larry Tanenbaum tried to buy the Chelsea club alongside Steve Pagliuca, co-owner of the Boston Celtics (NBA). The matter had not come to an end.
Nothing done yet
A hypothesis that Peddie tends to minimize. According to former MLSE CEO, Larry Tanenbaum would do well to buy a stake in an NFL team while staying close to home in an industry he has enjoyed for many years.
To be continued…
