AC Milan exec to lead Tanenbaum venture
Toronto’s sports industry has a new corporate player in Kilmer Sports Ventures, an ambitious project spearheaded by NBA board chair Larry Tanenbaum. Veteran soccer executive Ivan Gazidis is set to head the venture as its president, the group announced Tuesday, and will oversee sports projects believed to include a bid to bring a WNBA expansion team to Toronto.
What is Kilmer Sports Ventures?
An offshoot of the Kilmer Group, focusing on exploring investment opportunities in sports and entertainment. Tanenbaum owns Kilmer Sports Ventures, and is the chairman and CEO of Kilmer Group. He’s also chair of Maple Leaf Sports & Entertainment.
How is MLSE involved?
It’s not. MLSE isn’t a part of Kilmer Sports Ventures, which is a separate project for Tanenbaum.
Why is Tanenbaum taking this route?
It’s no surprise that Tanenbaum is dipping his hands into the proverbial sports pie, said Cary Kaplan, president of Cosmos Sports & Entertainment. He said the billionaire wants to strengthen his legacy as a champion of sports, even if it means changing avenues to achieve that goal. Tanenbaum sold five per cent of his MLSE share to OMERS, one of Canada’s largest pension plans, last November. That followed a reported disagreement with other MLSE shareholders over whether to pursue a WNBA expansion team. “If MLSE didn’t want to go all in, it kind of makes sense that (Tanenbaum) would choose to do it himself,” Kaplan said.
And why now?
Kaplan said Tanenbaum’s timing in launching the Kilmer Sports Ventures is “excellent,” given the mounting interest in women’s sports. “You can see women’s hockey, and women’s soccer in particular, really taking off in the last 24 months post-COVID,” he said, referring to the launch this year of the Professional Women’s Hockey League, as well as a domestic women’s pro soccer league projected to start next year. PWHL Toronto sold out all its home games at Mattamy Athletic Centre, and set a record for the largest crowd to watch a women’s pro hockey game by drawing 19,285 fans to the game against Montreal at Scotiabank Arena. A sold-out crowd last May for the WNBA pre-season game in Toronto was another indicator of the interest here in women’s sports. “The window to get into the market as an owner at a bargain price is narrowing,” said Katie Lebel, sports business researcher and professor at University of Guelph.
Is a WNBA team in Toronto a slam dunk?
No. The WNBA has announced the addition of a San Francisco team by 2025, and the search is on for one more team to balance the league after Portland was shelved as an expansion location. Miami and Charlotte have been mentioned as possible expansion sites. MLSE was initially believed to be bidding for a WNBA team to Toronto before a reported difference of opinion among senior executives.
Who is Ivan Gazidis?
The 59-year-old is a seasoned soccer executive, both in Europe and North America. Born in South Africa and raised in England, he was part of the management team that founded Major League Soccer in 1993. He was the Arsenal CEO for 10 years, during which the Premier League club won three FA Cups and three Community Shield trophies. Most recently, Gazidis was CEO of AC Milan, where he was heralded for turning the Italian club’s fortunes around after it was on the brink of bankruptcy. AC Milan was valued at $1.4 billion (U.S.) in 2023, according to Forbes.