Trump’s Tariff Push Raises NHL Concerns: League Hopes For Return To ‘Normal Reality’ – Rogers Communications (NYSE:RCI)

President Donald Trump‘s plan to impose reciprocal tariffs on foreign imports sent markets lower on Thursday.

Canada was spared from additional tariffs during Wednesday’s announcement, but has been a favorite Trump target. Canada’s economy could be hurt by tariffs, which could be a problem for American sports leagues, specifically the National Hockey League.

What Happened: A Canadian NHL team has not won the Stanley Cup since 1993. While that drought continues to be a key fact on the minds of the seven Canadian NHL teams, they may have bigger problems at hand.

NHL Commissioner Gary Bettman was asked about Trump’s latest tariffs and the potential impact on the NHL this week when highlighting a new Canadian media rights deal with Rogers Communications RCI.

Bettman said he doesn’t want to weigh in on politics and hopes that people use sports as an escape from negative headlines. Although, he acknowledged that the situation could still have meaningful implications.

“I hope what we’re seeing is a moment in time and things can get back to a normal reality,” Bettman said. “I have concerns from a business standpoint for the league that if the Canadian economy suffers by what’s going on that will impact the way we do business.”

Bettman’s latest comments follow a CNBC interview last week in which he said 25% of the NHL’s league revenue comes from the seven Canadian teams. He also mentioned that the salaries are paid in US dollars.

“So if the impact of the tariffs is to see the Canadian dollar drop relative to the U.S. dollar, it will make it more difficult and more painful.”

At the time, Bettman said Canadians and Americans were likely getting “caught in the middle” of a policy issue.

Read Also: Trump Unveils Massive Tariff Plan to Slash $1.2 Trillion Trade Deficit: ‘Access To The American Market Is A Privilege’

Why It’s Important: The NHL’s seven Canadian teams are the Calgary Flames, Ottawa Senators, Montreal Canadiens, Toronto Maple Leafs, Edmonton Oilers and Winnipeg Jets.

The Maple Leafs are partially owned by two public telecommunications companies. Rogers owns 37.5% of the team, and Bell Canada BCE also owns 37.5% of the team. The ownership comes via the Maple Leaf Sports & Entertainment parent company. MLSE also owns the National Basketball Association team, the Toronto Raptors, and other sports assets. Rogers owns the Major League Baseball team, the Toronto Blue Jays.

Hockey equipment and jerseys are also made in Canada and could be subject to tariffs, increasing costs for the league as it nears the end of its regular season.

In other American sports leagues, Canada is less involved. In the NBA it’s one Canadian team (Raptors) and the same for MLB (Blue Jays). The NHL will be much more impacted by tariffs on Canada and the country’s economy going forward.

As a trade war potentially escalates, fans can also get more partial against certain teams, as was evidenced with booing of national anthems when Canada and the United States played each other in the Four Nations Tournament earlier this year.

Price Action: Rogers Communications stock hit a new 52-week low of $24.76 earlier this week. The stock has traded between $24.76 and $41.84 over the last year, with shares down 15.2% year-to-date in 2025 and down 34.9% over the last year.

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