Canadian billionaire Larry Tanenbaum is making a major bet on women’s sports after agreeing to sell Kilmer Sports Inc.’s 25% stake in Maple Leaf Sports & Entertainment Ltd. (MLSE) to Rogers Communications Inc. for C$4.35 billion ($3.1 billion).

After decades as one of Canada’s most influential sports owners, Tanenbaum is now focusing on a rapidly growing sector. His biggest investment is the Toronto Tempo, the Women’s National Basketball Association’s first franchise outside the United States.

The move comes as women’s sports attract larger audiences, stronger sponsorship deals and rising franchise valuations.

WNBA Growth Draws Investors

Interest in the WNBA has increased sharply in recent years. In July, nearly 21,000 fans packed Montreal’s Bell Centre for a Toronto Tempo game. The crowd set a new WNBA regular-season attendance record, even though Montreal does not have its own team.

As a result, investors are taking notice.

Former MLSE executive Richard Peddie believes the timing is right. “The time is right, so I think that’s a smart move. Enterprise value is growing.”

Meanwhile, league revenue rose by 177% between 2019 and 2024. The average WNBA franchise is now worth $427 million, according to Sportico.

Therefore, more wealthy investors are entering the league. Expansion franchises secured by Dan Gilbert’s Rock Ventures LLC, Platinum Equity CEO Tom Gores and Harris Blitzer Sports & Entertainment are expected to help grow the WNBA to 18 teams by 2030.

A Strong Business Case

Experts say women’s sports have become increasingly attractive investments.

“There’s never been a better time to invest in women’s sports,” said Patrick Rishe, who leads the sports business programme at Washington University in St. Louis. “Women’s basketball is probably at the pinnacle of that.”

In addition, the league signed a landmark media rights agreement in 2024. Sponsorship revenue is also increasing.

“The number of league sponsors rose to roughly 30 to open this season, up 40% year over year,” Tanenbaum said.

Furthermore, star players such as Caitlin Clark, Angel Reese and Paige Bueckers have helped boost fan interest and commercial opportunities.

Building Canada’s Team

The Toronto Tempo has sold out all of its home games at Coca-Cola Coliseum during its inaugural season.

According to team president Teresa Resch, the club is working to build a national fan base.

The franchise has the opportunity to “plant our flag as Canada’s team,” Resch said. “That’s really unique for us and something that no other team really has the opportunity to do.”

The strategy mirrors the approach used by the Toronto Raptors and Toronto Blue Jays, both of which market themselves across Canada.

Long-Term Vision

For Tanenbaum, the investment is about more than short-term returns. Instead, he sees an opportunity to help build lasting sports organisations.

“Building world-class women’s sports organisations is how you create something that lasts,” Tanenbaum said. “I’m proud to continue to invest in it.”

With record crowds, rising valuations and growing commercial support, Tanenbaum believes women’s sports are entering a new era.