BUSINESS
06/05/2019 09:19 EDT | Updated 06/06/2019 09:21 EDT

Raptors The Most Valuable Sports Franchise In Canada, And 4 Other Things To Know In Business

Young Canadians are leaving the big cities; Beauty chain Ulta is coming to Canada.

USA Today Sports / Reuters
Toronto Raptors forward Norman Powell (24) shoots the ball against Golden State Warriors forward Draymond Green (23) in game two of the 2019 NBA Finals in Toronto, June 2, 2019.

Raptors make bank

The Toronto Raptors have eclipsed Canada’s NHL teams and the Blue Jays to become the most valuable sports franchise in the country, the Toronto Star reports. The team is worth an estimated $1.8 billion, but could sell for more than $2 billion, analysts estimate. And it’s not just about making it to the finals: The franchise landed a lucrative nationwide U.S. TV deal that upped its revenue. David Carter of the Sports Business Institute at USC’s business school says the Raps’ success will boost the brand’s value even further, through more valuable advertising and merchandising deals.

Subway vs. CBC

The CBC has asked an Ontario court to throw out a $210-million lawsuit filed against it by fast food chain Subway. The broadcaster is asking the court to reject the suit under the province’s anti-SLAPP (strategic lawsuits against public participation) laws, CBC News reports. Subway sued the broadcaster in 2017 after CBC’s Marketplace aired a story alleging that some chicken products at Subway contained less than 50 per cent chicken DNA. Subway has vigorously defended itself against the claim, but CBC says the chain has provided no evidence to counter it.

Watch: Raptors finals tickets are reaching astronomical prices. Story continues below.

Ulta comes to Canada

Ulta Beauty has some 1,200 locations across the United States, and now the chain that specializes in cosmetics and skincare brands is coming to Canada. “We are excited to announce our decision to expand internationally and establish Ulta Beauty as a successful global brand. Our first step in becoming a global beauty retailer will be to prepare to launch operations in Canada,” CEO Mary Dillon said in a statement. The retailer has not said how many Canadian locations it’s planning, or where they’ll be, but the company aims to open 80 new stores in fiscal 2019.

Goodbye Toronto, hello Kingston

With the cost of living reaching astronomical heights in places like Toronto and Vancouver, many younger Canadians are moving to more affordable mid-sized cities, real estate blog Point2 Homes says in an analysis. It found the rate at which millennials are leaving Toronto, Vancouver and Montreal has tripled since 2015. Those cities aren’t particularly suffering from this exodus, as immigration is more than making up for the loss of population. But the phenomenon has proven to be a boost to the economies of some mid-sized cities, like Chilliwack, B.C. and Hamilton, Ont. “It has led to a stronger real estate sector nationwide,” Point2 Homes concluded.

Illinois gets the opposite of a carbon tax

Electric car drivers in Illinois will be paying extra for the privilege of not emitting carbon pollution. The state is facing epic financial problems and needs to raise revenue, but one of the ways it’s chosen to do so will likely make climate advocates unhappy. As part of Governor J.B Pritzker’s budget, Illinois will charge an additional $100 registry fee to owners of electric cars, in order to make up a loss in gas revenue from EVs, the Chicago Tribune reports. The proposal had originally been for a $1,000 registry fee for electric vehicles. But while many electric car drivers are unhappy about the move, others recognize the state is in desperate need of funds for infrastructure. “These roads really suck around here,” one EV driver told the Tribune.