Jordan Bitove becomes owner of the Toronto Star

The fight for control of the Toronto Star is over.

Sources say former partners Jordan Bitove and Paul Rivett are in the final stages of resolving the dispute and it will be Bitove who will take ownership of Torstar, including the Toronto Star.

Neither Bitove nor Rivett immediately responded to a request for comment.

The news comes just over two months after Rivett and his holding company Tevir Investments Inc. filed a lawsuit seeking a court order to dissolve NordStar Capital, the partnership Rivett and Bitove created to buy Torstar in 2020.

In the application, filed Sept. 2, the relationship between Rivett, chairman and co-owner of Torstar, and Bitove, publisher of the Toronto Star and co-owner of Torstar, is described as “irrevocably altered.”

“There is a total standoff between Rivett and Bitove. … They can no longer work together,” the app reads.

Bitove and Rivett have come together to buy Torstar in 2020, in a deal worth $60 million. They won a competing $58 million bid from Canadian Modern Media Holdings, a consortium including tech executive brothers Matthew and Tyler Proud, and financial industry veteran Neil Selfe.

Before teaming up with Bitove to buy Torstar, Rivett was president of Fairfax Financial. Bitove is a prominent philanthropist, chief marketing officer and member of the Bitove family, who helped bring the NBA to Toronto.

In addition to publishing several daily newspapers, including the Toronto Star, NordStar also controls a number of online properties, including NorthStar Bets, an online gambling company.

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