Both the NBA's Toronto Raptors and NHL's Toronto Maple Leafs have seen seismic shifts in their ownership groups. On Wednesday, a $3.5 billion sale has been announced involving the two Canadian franchises.

Rogers Communications has acquired Bell Canada Enterprises' 37.5%  share of Maple Leaf Sports and Entertainment. The deal was for $4.7 billion Canadian dollars, equivalent to $3.4 billion USD, via Scott Soshnick and Kurt Badenhausen of Sportico. MLSE functions as the Raptors and Maple Leafs' parent company.

“MLSE is one of the most prestigious sports and entertainment organizations in the world and we're proud to expand our ownership of these coveted teams,” Rogers CEO Tony Staffieri said. “MLSE continues to appreciate significantly, and together with our sports and media assists, we plan to surface more value for shareholders long-term.”

Rogers' acquisition adds to the already 37.5% they owned of MLSE. The entire business is now valued at $9.3 billion. Rogers also owns the Toronto Blue Jays while MLSE owns the Toronto Argonauts and Toronto FC alongside the Maple Leafs and Raptors.

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Bell Canada Enterprises plans to use their profit to paying down debts and continue growing their business. Furthermore, they'll still be a major sponsor for the Raptors while Bell Media reached a deal with TSN to broadcast Maple Leafs and Raptors games over the next two decades.

“We are proud of our time as co-owners of these iconic sports teams, and through this agreement have ensured that fans can count on Bell's continued support their teams,” BCE CEO Mirko Bibic said. “Today's announcement demonstrates that we are focused on creating the financial flexibility to support our ongoing transformation and core growth drivers.

The Blue Jays haven't advanced past the Wild Card Round of the playoffs since 2016. The Raptors have missed the postseason three of the last four seasons. Perhaps with a new ownership structure, both franchises will be financially set up for success for the foreseeable future.