Toronto Maple Leafs and Raptors' parent company MLSE slashes workforce

The parent company of the Toronto Maple Leafs and Toronto Raptors appears to be undergoing a major restructuring.

On Tuesday, Maple Leaf Sports & Entertainment's CEO, Keith Pelley, sent an internal memo to its employees informing staff that large layoffs were coming to the company.

The Canadian Press first reported the news.

According to the report, approximately 80 of MLSE's nearly 1,000 full-time jobs have been impacted.

Pelley was hired in January 2024 to be the new MLSE CEO and officially took over the position last April.

"As the sports and entertainment industry environment evolves, MLSE has undergone an extensive review of the company's operations in recent months to ensure it is positioned for continued excellence, long-term sustainability and growth," an MLSE spokesperson wrote in a statement.

"As part of that process, the company has made the difficult decision to restructure its workforce to address inefficiencies and optimize its resources and capabilities to best meet the demands of this evolving climate. MLSE's commitment to being recognized as the preeminent sports and entertainment organization globally is unwavering, as is our appreciation for the contributions of those employees impacted by today's restructuring."

The news of the restructuring comes just one day after an announcement of a $146-million renovation to BMO Field ahead of the 2026 FIFA World Cup, C$23 million of which will be coming directly from MLSE, with the city footing the rest of the bill.

MLSE is currently co-owned primarily in equal 37.5 per cent shares by the parent companies of telecommunications giants Bell and Rogers, though Bell's stake in the company has been sold to Rogers in a deal that will be officially completed later this year.

Kilmer Sports owns the other 25 per cent, with MLSE chairman Larry Tanenbaum holding 20 per cent, while Ontario Municipal Employees Retirement System (OMERS) holds the remaining five per cent.

In addition to the Maple Leafs and Raptors, MLSE also owns Toronto FC and Toronto FC II, the Toronto Argonauts, the Toronto Marlies, Raptors 905, and a series of venues attached to the teams, including Scotiabank Arena.