Larry Tanenbaum, Chairman of Maple Leaf Sports & Entertainment Ltd. (MLSE), announced Friday that Tim Leiweke is staying as CEO 'on an interim basis' as the company continues to search for his replacement. Reports last week had indicated that MLSE was close to hiring former Corus CEO John Cassaday for the position.

"As we've continued to amass an unparalleled array of sports leaders at both the executive and team level, the Board of Directors agreed to focus our CEO search on the appointment of a strategic business leader able to enhance MLSE's unique collection of world-class assets," said Tanenbaum in a statement.

"We've made remarkable progress with Tim at the helm, and we are pleased that he has agreed to continue as CEO on an interim basis..

"It's a privilege to work with the incredible MLSE team, and it's a very positive time to be at the company," added Leiweke. "We've accomplished great things together. I'm happy to be here as long as I'm needed while the organization works to find the right leader to carry the momentum forward."

MLSE announced on August 21, 2014 that Mr. Leiweke had decided to depart the company on or before June 30, 2015 to pursue new opportunities in the sports and entertainment industry.