Larry Tanenbaum Lawrence " Lary " Tanenbaum ( born 1945 in Toronto , Ontario ) is a Canadian businessman who is chairman of Maple Leaf Sports & Entertainment ( MLSE ) . He owns a 20 . 5 % stake in MLSE through his holding company Kilmer Sports Inc . Maple Leafs and Raptors . In the early 1990s , he attempted unsuccessfully to attract an NBA team to Toronto . However , this did lay the groundwork for the city being awarded an expansion franchise in 1993 , the Toronto Raptors . Besides the Raptors , Tanenbaum also acquired an interest in Maple Leaf Gardens Ltd . , the parent of the Toronto Maple Leafs . With MLG ’ s purchase of the Raptors and Air Canada Centre in February 1998 , Tanenbaum fulfilled his goal of NBA and NHL ownership in Toronto under the same group , with MLG being renamed to Maple Leaf Sports & Entertainment ( MLSE ) . This deal also allowed both teams to share the ACC rather than building two separate venues . Tanenbaum hired Ken Dryden to become the president of the Toronto Maple Leafs in 1997 . Both Ken and Larry were fraternity brothers of the Sigma Phi Society at Cornell University . Pat Quinn became head coach in 1998 . Dryden and Quinn reportedly had a frosty relationship . A few months after joining the Leafs , Quinn took on the General Manager position , reportedly to preempt Dryden from hiring his preferred GM which was former Habs teammate Bob Gainey . Steve Stavro , the owner of MLG , became chairman and majority owner of MLSE , of which Tanenbaum was a minority partner . However , Stavro and Tanenbaum were said to have a poor relationship , as Tanenbaum disputed a report that claimed that Stavro saw him as a favored son . A Globe and Mail Report on Business magazine article also alleged that Stavro would worry about minute details such as hot dogs . The owners ' lounge at the Air Canada Centre was modeled in a Scottish theme with dark wood panels while Stavro was chairman ; his successor Tanenbaum had the room remodeled to a white modernistic style with some insiders saying that the change was made because the old room reminded him too much of Stavro . Tanenbaum became non - executive chairman of MLSE in 2003 . Stavro had stepped down as part of a restructuring plan that also saw him sell his majority stake to CTVglobemedia . Under the new ownership structure the Ontario Teachers ' Pension Plan ( OTPP ) became the majority shareholder based on equity . Jim Leech , who at the time was Senior Vice President of Private Equity at OTPP ( also known as the Teachers ' Merchant Bank ) , had orchestrated the deal after the closure of Stavro ' s Knob Hill Farms supermarket chain , which had caused rumors that the financial status of MLSE could be affected . Quinn continued as head coach but was succeeded as General Manager by John Ferguson , Jr . Dryden ' s position was abolished , in favour of having both the Leafs and Raptors managers reporting directly to MLSE President and CEO Richard Peddie . Dryden was shuffled to the less important role of vice - chairman and given a spot on MLSE ' s board of directors , which was described by commentators as " sitting outside the loop " as he did not report directly to Leafs ownership . He stayed on until 2004 when he resigned to enter politics . Ownership style . Tanenbaum took an active interest in the Leafs and Raptors , attending as many home games as possible . He had a close friendship with Raptors star Vince Carter . On the morning of the day of Game 7 of the 2001 Eastern Conference Semifinals ( Raptors vs Philadelphia 76ers ) , Sunday , May 20 , Tanenbaum used his private jet to fly Carter to his University of North Carolina graduation . In that game , Carter missed a game - winning shot with 2 . 0 seconds remaining and shot just 6 of 18 from the field . In 2004 , Tanenbaum also attended Carter ' s wedding to Ellen Rucker in Florida . However , the relationship between Tanenbaum and Carter began to sour when choosing a successor for Glen Grunwald , who was recently fired as General Manager . While Carter had preferred Julius Erving as General Manager instead , the Raptors chose Rob Babcock instead as GM . ( Erving has never held any coaching or managerial position with an NBA team . ) A disgruntled Carter was traded away late that year . According to a 2004 Globe and Mail Report on Business magazine article Tanenbaum was one of the few owners on the NHL Board of Governors who was in favour of ending the 2004 – 05 NHL lockout as soon as possible , when the NHL Players Association offered a 24 % salary rollback , rather than hold out as long as possible to get the players ' union to accept a hard salary cap . Tanenbaum reported that other owners shouted him down at the meetings . The Leafs , perennially one of the NHL ' s top three richest teams , had contributed much to Toronto ' s economy , particularly restaurants and bars in the downtown area . During the power struggle between Leafs GM John Ferguson , Jr . and head coach Pat Quinn after the 2006 NHL season in which the team narrowly missed the playoffs , Richard Peddie backed Ferguson while Kenneth Thomson , the owner of CTVglobemedia , supported Quinn . However , Thomson ' s firm was only a minority partner in MLSE at the time . With Stavro no longer in control Quinn lacked the power and autonomy he had under the previous ownership . As a result , Quinn was dismissed and replaced by Paul Maurice . With the Leafs near the bottom of the league , Ferguson was fired as GM in January 2008 and replaced on an interim basis by Cliff Fletcher , who was succeeded by Brian Burke following the 2008 season .