My RCI sports brain dump
So I think Rogers Communications RCI is secretly one of the craziest sports stocks on the planet and the market is treating it like a boring phone company. \sportico\
They own the Toronto Raptors the Toronto Maple Leafs the Toronto Blue Jays Toronto football club plus arenas and a big sports network and the math on what that is worth compared to the share price is actually wild. \iphoneincanada\
What Rogers actually owns
Rogers has been buying out everyone around Maple Leaf Sports and Entertainment which is the holding company that owns the Leafs the Raptors and Toronto football club. \bloomberg\
They already bought the Bell stake and now they are paying about 4 point 35 billion Canadian for the last 25 percent from Larry Tanenbaum which implies MLSE alone is worth about 17 point 4 billion Canadian. \bloomberg\
On top of MLSE they already own the Toronto Blue Jays and the Rogers Centre and the Sportsnet brand which is the main sports channel and streaming service in Canada. \sports.yahoo\
So in one stack you have
- Raptors
- Maple Leafs
- Toronto football club
- Blue Jays
- Scotiabank Arena
- Rogers Centre
- Sportsnet and Sportsnet plus
All under Rogers. \linkedin\
How much the teams are worth
Sportico says right now the Raptors are worth about 5 point 2 billion dollars the Leafs about 4 point 25 billion the Blue Jays about 2 point 9 billion and Toronto football club about 730 million. \sportico\
Just those four teams together are around 13 point 1 billion dollars before you even add the arenas and television rights. \linkedin\
Rogers itself says when you add in the venues Sportsnet and concerts their combined sports and media group is worth more than 25 billion Canadian and they claim that is a conservative number using public data from Forbes and Sportico. \broadcastdialogue\
TD Securities and other writeups basically agree and call it a 25 billion Canadian sports empire and say Rogers could sell almost one third of it to cut debt. \connectcre\
What the market is doing
One report on the Kilmer deal says the 17 point 4 billion Canadian MLSE valuation alone is about 71 percent of Rogers whole equity market cap which is around 24 point 5 billion Canadian. \finance.yahoo\
So the market is valuing the entire company at roughly the same number as just MLSE plus is barely giving any extra credit for the Blue Jays Sportsnet and everything else. \linkedin\
A newsletter that broke down the sports empire says management and analysts think the combined sports and media assets are worth around 25 billion Canadian but public investors are only pricing in somewhere between zero and five billion Canadian for that inside the stock. \[365247newsletter.substack\](https://365247