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Teachers' Pension Plan boosts its stake in owner of Leafs, Raptors

TORONTO - The Teachers' Pension Plan is boosting its stake in the parent company of Toronto's Maple Leafs and Raptors.

The investment wing of the big pension fund plans to buy a 7.7 per cent stake in Maple Leaf Sports & Entertainment, which will give it 66 per cent of the company that also owns the Toronto FC soccer club and the Air Canada Centre.

Financial details were not disclosed.

The stake is being sold by media empire CTVglobemedia.

CTVglobemedia says the time is right for it to sell the stake and use it to pay down debt.

The deal needs approval from the professional sports leagues involved.

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