Jan 27, 2015
By Bob Komsic
Porter Aviation is selling the Toronto Island airport terminal to a group that includes Larry Tanenbaum, the chair of Maple Leaf Sports and Entertainment which owns the Leafs, Marlies, Raptors and Toronto FC.
Terms of the deal were not disclosed but those familiar with the transaction said it was expected to raise over $750-million.
Porter Aviation, the parent company of Porter Airlines, said back in the summer it was exploring a sale-leaseback in order to focus on its core business or airline.
Porter hopes to use the money to expand operations at the Island airport.
The plan includes expanding the runway to accommodate jets.
City Council must still debate the plan.