Canadian telecom company Rogers Communications Inc is considering selling the Toronto Blue Jays Major League Baseball team in an effort to generate cash that could be used in its core business, the company's chief financial officer said.
"To be clear, there isn't anything imminent that we are about to announce, but we're certainly looking at the alternatives", Staffieri said.
Per club policy, Toronto does not publicly discuss payroll, but the Blue Jays spent approximately $165 million on salaries in 2017, and the number is expected to be similar next year.
The team struggled for the first decade-plus of Rogers' ownership, extending a playoff drought to 21 seasons after the 2013 campaign.
Rogers still wants rights to sports programming but doesn't have to own a team to have that, Staffieri said, referring to the company's 12-year deal with the National Hockey League.
Cold air, gusty winds continue to push into region
The winds, combined with the cold air will mean wind chills in the teens and 20s at times throughout the next several days. Monday starts off mainly sunny, but clouds are likely to increase by afternoon with highs in the low to mid-40s.
He estimates that the Blue Jays would be worth about $3.20 per share of Rogers, based on an estimated value of $1.65 billion for the team.
Aravinda Galappatthige, an analyst who covers Rogers for Canaccord Genuity, wrote that the issue of asset sales has been raised before but Staffieri's comments are the most explicit to date.
Under Rogers' ownership, the Blue Jays have had a record of 1459-1456 with an AL East division title in 2015 and an AL wild-card berth in 2016.
The Blue Jays begin spring training on February 23 against the Philadelphia Phillies and will open the 2018 regular season against the New York Yankees on March 29.
Earlier this October, rumours surfaced online regarding the potential sale of Toronto's largest multi-purpose stadium, the Rogers Centre. Given Rogers' reputation, would you be glad to see the back of them?
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