Lingering MLSE sale leaves Raptors braintrust in limbo
When Maple Leaf Sports and Entertainment announced in November that
Richard Peddie, the longtime CEO, would retire at 2011’s end, even
Peddie didn’t take the timeline literally.
“I always imagined I might leave a lot earlier,” Peddie was saying
this week. “But obviously the complication of Teachers’ exploring a sale
has led to my expectation, and theirs, that I’ll be here the whole
Peddie’s retirement (and the arrival of a going-away cheque that,
envious whispers have it, runs eight figures) isn’t the only thing
that’s been pushed back since last month, when MLSE’s majority owner,
the Ontario Teachers’ Pension Plan, confirmed it was investigating the
possibility of selling its 66 per cent ownership stake. The future of
much of the local NBA operation, most notably GM Bryan Colangelo and
coach Jay Triano, hangs in limbo, thanks chiefly to the anti-Colangelo
sentiments of Teachers’ representative Glen Silvestri.
The search for Peddie’s successor, meanwhile, has, according to
multiple sources, all but ground to a halt; and perhaps, if the company
is going to change hands in the coming months, that makes sense.
There are those on Bay Street, nonetheless, who shake their heads at Teachers’ methods.
“Like a supertanker doing a 180 in the Atlantic,” is how one source who has done business with the pension plan described them.http://www.thestar.com/article/979165–feschuk-lingering-mlse-sale-leaves-raptors-braintrust-in-limbo