An Ontario pension fund is close to a deal to buy 20% of a holding company owning a minority stake in most of Toronto’s pro teams, per industry sources and multiple reports, in a deal that would value the sports assets at a record $8 billion.

The developing $400 million agreement, sources told Front Office Sports, would see the Ontario Municipal Employees Retirement System (OMERS) acquire a fifth of Kilmer Sports, part of the private entity led by Larry Tanenbaum, chairman of Maple Leaf Sports & Entertainment (MLSE). Kilmer owns 25% of MLSE, parent company of the Toronto Maple Leafs, Toronto Raptors, Toronto FC, Toronto Argonauts, Scotiabank Arena, and other assets.

OMERS would hold a 5% indirect stake in MLSE. The NBA, NHL, MLS, and CFL would all need to approve the pact, among other required sign-offs. The transaction is said to be related to estate planning for the 78-year-old Tanenbaum — at a peak time for sports franchise sales.