text: *MLSE*
  MLSE, a sports and entertainment company, owns and operates the Air 
  Canada Centre, the NHL’s Toronto Maple Leafs, the NBA’s Toronto 
  Raptors, the MLS’ Toronto FC, the AHL’s Toronto Marlies and other 
  assets. 
  In August 2012, we, along with BCE Inc., closed the joint 
  acquisition of a net 75% equity interest in MLSE. Following a leveraged 
  recapitalization of MLSE, our net cash investment was $540 million, 
  representing a 37.5% equity interest in MLSE. Our investment in MLSE 
  is a joint venture and is accounted for using the equity method. 
  
  NOTE 16: ACCOUNTS RECEIVABLE SECURITIZATION 
  
  We entered into an accounts receivable securitization program with a 
  institution effective December 31, 2012, which 
  Canadian financial 
  allows us to sell certain trade receivables into the program. The 
  proceeds of the sales are committed up to a maximum of $900 million. 
  
  We received funding of $650 million under the program in 2013. We 
  continue to service and retain substantially all of the risks and rewards 
  relating to the accounts receivables we sold, and therefore, 
  the 
  receivables remain recognized on our consolidated statements of 
  financial position and the funding received is recorded as short-term 
  borrowings. The buyer’s interest in these trade receivables ranks ahead 
  of our interest. The program restricts us from using the receivables as 
  collateral for any other purpose. The buyer of our trade receivables has 
  no claim on any of our other assets. The terms of our accounts 
  receivable securitization program are committed until 
  it expires on 
  December 31, 2015. 