CF Montréal Exclusive Offers

A credible potential majority buyer linked to CF Montréal: Larry Tanenbaum
Maxime Truman
A credible potential majority buyer linked to CF Montréal: Larry Tanenbaum
Credit: Getty Images

Who will buy CF Montréal? That question has been on everyone's lips since Monday night.

No one has an answer to that question yet, but we do know who will NOT buy CF Montréal: 99.999999999% of the people around us.

I explained it clearly on BPM Sports yesterday at noon: CF Montréal is worth nearly one billion Canadian dollars. Most of the names thrown into the media fray over the past few days are therefore not credible: they definitely won't be buying CF Montréal. And the famous “socios” model that continues to be promoted by various media outlets isn't allowed under MLS's internal rules.

Every serious conversation I've had with credible sources since Monday keeps bringing me back to one name: Geoff Molson. However, I keep being told that the Molson family won't be leading any potential group looking to acquire CF Montréal; instead, they'd join a group led by “someone wealthy and credible who knows soccer.” Those were the exact words used.

I've also been told pretty much the same thing about Pierre-Karl Péladeau.

Geoff Molson runs the entertainment industry in Montreal (Groupe CH), while Pierre-Karl Péladeau is very influential in Quebec City, with Gestev (Centre Vidéotron). Adding Saputo Stadium and eventually the Olympic Stadium to their arsenal would be a huge plus.

Yesterday, I had the chance to speak with someone who 1. Loves soccer and CF Montréal, 2. Knows the political world well, 3. Is considered credible by the local media, and 4. Has connections throughout the Quebec business community.

What this person told me is worth reporting this morning: Geoff Molson has reportedly had discussions with Larry Tanenbaum to explore—even if only at an exploratory stage—whether the idea of buying CF Montréal (to keep it in Montréal) makes economic sense.

I'm not saying that Geoff Molson is EXTREMELY interested, but he would be interested enough to have found a trusted leader to take a look at the project.

Who is Larry Tanenbaum?

Larry Tanenbaum is an 81-year-old Ontarian whose net worth is estimated at just under 3 billion U.S. dollars. Last month, he sold his stake in MLSE to a company for 4.35 billion Canadian dollars, money he used to pay off investment debts and to secure his wealth to some extent. At least, in the short term…

He played a pivotal role in the acquisition of the Toronto Raptors and the Air Canada Centre, giving rise to the MLSE empire. He served as a governor on the executive committee for the Maple Leafs, the Raptors, Toronto FC, and the Argonauts. He was even elected chairman of the NBA Board of Governors.

However, Tanenbaum still owns several professional sports organizations through his company, Kilmer Sports Venture: Toronto Tempo (with Geoff Molson, WNBA), LPHF (he was the first Canadian investor earlier this year), and AS Saint-Étienne (Ligue 2 in France).

It's worth noting that Ivan Gazidis is part of Kilmer Sports Venture. He is a former executive at Arsenal and AC Milan.

He also owns Coca-Cola Canada Bottling Company Limited (Coca-Cola Canada Bottling).

In short, Tanenbaum is wealthy, has a top-notch reputation, is credible, knows Geoff Molson well, and one can imagine a scenario in which buying CF Montréal might make sense.

But…

Larry Tanenbaum's candidacy isn't perfect, however.

First, he's a proud Torontonian. He's a member of the Ontario Sports Hall of Fame and has made major donations in Toronto, notably to launch the Tanenbaum Institute of Sport Science at the University of Toronto. He still owns a team in Toronto (Tempo), which might make an investment in Montreal “questionable” in the eyes of many Torontonians.

But then again, Geoff Molson invested in Toronto (Tempo), and we still love him in Montreal…

Second, Tanenbaum pulled out of MLSE to reinvest in smaller projects. Tempo cost him 50 million U.S. dollars two years ago, and he paid AS Saint-Étienne approximately 25 million euros that same year.

In short, he now seems to be favoring slightly more modest investments.

Third, at 81 years old, one might think that Larry Tanenbaum wouldn't embark on huge, rather risky investments. That makes sense…

However, his son Kenneth plays a major leadership role within the company. He serves as vice president of the board of directors and heads several of its subsidiaries.

Is the father thinking about the legacy he'll leave his children in a few years? Much like Joey Saputo is doing with CF Montréal Bologne…

In short, one of the first serious avenues to explore to save CF Montréal comes from Toronto…

It remains to be seen just how serious this avenue really is.

It just goes to show that the world is often full of dichotomies and paradoxes…

Extension

Several people have told me since Monday that many are criticizing Joey, but that he's the one in the Saputo family who will have fought the longest to keep the franchise in Montreal.

Apparently, the rest of the board (Lino Jr., in particular) seems to have pulled the plug several years ago. Since the Enquête report?

I've also been told that the Caisse de dépôt would be the entity prioritized by the Quebec government if it decides to get involved. The PQ faced a lot of criticism when the Expos left—does it want to face more with CF Montréal? Especially on the eve of a possible third referendum?