NHL Commissioner Gary Bettman tells Sportsnet that the proposed sale by Larry Tanenbaum of a portion of his stake in Maple Leaf Sports & Entertainment was approved by the NHL's executive committee.

Larry Tanenbaum’s sale of a small portion of his stake in Maple Leaf Sports & Entertainment (MLSE) was approved by the NHL’s executive committee, NHL commissioner told Sportsnet’s Elliotte Friedman on Thursday.

"At the end of the day I've always said our franchises were overvalued," Bettman said in the 1-on-1 interview. "We're beginning to see, more realistically, the true value of our franchises."

Sportico was first to report on Wednesday that MLSE's minority owner was looking to sell a portion of his 25 percent stake in the sports conglomerate to OMERS, an Ontario-based pension fun that services retirement funds for nearly 600,000 municipal workers. Tannenbaum, who sits on the NHL's executive committee is not stepping away from his involvement in MLSE.

"I don't think he's taking a step back," Bettman said. "This is a small, passive investment. It's nothing more than that."

The exact amount of the portion OMERS is purchasing is not knowm, but the sale increased MLSE's overall valuation to $8 billion. 

MLSE consists of the Maple Leafs, the Toronto Raptors of the NBA, Toronto FC of MLS, Toronto Argonauts of the CFL as well as Scotiabank Arena and other real estate ventures.

The leagues of the other sports franchises must also approve the sale in order for it to go through.

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