Argos sale to Braley gets CFL green light
Written by on February 9th, 2010 in Latest News.
David Braley, shown in this 2002 photo, is the new owner of the Toronto Argonauts. (Kevin Frayer/Canadian Press)
Toronto Argonauts co-owners David Cynamon and Howard Sokolowski have completed an agreement to sell the franchise to B.C. Lions owner David Braley.
League commissioner Mark Cohon praised Cynamon and Sokolowski for their work over the past six years after the CFL board of governors approved the sale Tuesday and endorsed Braley, a former interim CFL commissioner.
“This is the next step forward for one of our oldest and greatest franchises,” Cohon said in a release. “David Braley is one incredible Canadian, deeply committed to this country and what makes it strong and unique and vibrant, especially the Canadian Football League.
“He has a track record of tremendous success in our league, in his personal business endeavours and charitable activities, and I know he will work tirelessly to make the Argos successful.”
Financial details of the deal were not told.
The sale was rumoured for weeks and gives Braley (also a former owner of the Hamilton Tiger-Cats franchise) control over 25 per cent of the teams in the league, something Cohon considers a non-issue.
“We are unanimous in the belief we would much rather have an exemplary person with considerable financial resources and an undeniable like for our league sit atop two franchises than have any one of our franchises owned by someone of uncertain means,” Cohon said.
Braley’s first announcement as the Argos owner was to state that current president and CEO Bob Nicholson will stay on with the club, as will general manager Adam Rita and newly minted head coach Jim Barker.
“I believe strongly in the Argonauts brand and will work to turn the Double Blue into a winning team on the field and a leading franchise within the Canadian Football League,” Braley said. “It will take time and effort, but I am extremely confident that with the right people and plot in place, we will succeed on behalf of Argos fans.”
The Argonauts have missed the playoffs in the last two seasons, and posted a CFL-worst 3-15 record in 2009.
