CFL board yet to ratify sale of Argonauts
Written by on February 4th, 2010 in Latest News.
Lions owner David Braley, right, wants to buy the Argos, too. (Chuck Stoody/Canadian Press)
The end appears near in the ongoing Toronto Argonauts ownership saga.
For a second straight day, the Argos’ proposed sale to B.C. Lions owner David Braley wasn’t ratified by the CFL’s board of governors at meetings in West Palm Beach, Fla. Again, league officials said that because work continues on the transaction, the matter couldn’t be presented to the governors for ratification.
But on Thursday, Argos co-owner David Cynamon told The Fan 590 — an all-sports radio station in Toronto — that by the end of the week the CFL club will either be sold to Braley or remain with Cynamon and co-owner Howard Sokolowski.
“But one thing we’re committed to is to make sure one way or the other it’s finalized this week,” Cynamon said.
Cynamon and Sokolowski have spent much of the off-season kicking around the thought of selling the franchise they rescued from the jaws of bankruptcy in 2003, or securing additional business partners to help offset their mounting losses. A CFL source requesting anonymity said at least one group has inquired about purchasing the Argos and had a representative meet with Cynamon and Sokolowski.
But, the meeting finished quickly when the asking price for the franchise was unveiled at between $12 million and $15 million.
The Argos owners, with help from the CFL, also attempted to land a new partner but couldn’t formally secure one.
Last June, it was revealed Braley fronted Sokolowski and Cynamon half the $2-million franchise fee to buy the Argos and continued to lend the team money.
If Braley buys the Argos it could present a potentially embarrassing situation for the CFL. Not only would one man own 25 per cent of the league, it would also make an obvious conflict-of-interest situation.
But there are no provisions within the CFL’s constitution preventing one person from owning two different teams. There is also support within the board of governors for Braley having two separate franchises.
And recently constitutional amendments were made so that CFL commissioner Mark Cohon would have to be informed of any financial transactions made between owners, thus making transparency.
Yet to hire a head coach
Resolving the ownership issue would certainly be welcomed by the Argos, who’ve yet to settle on a head coach and are nervously attempting to sell season-ticket packages. Last week, the club offered its head coach’s job to Montreal offensive co-ordinator Scott Milanovich but he opted to remain with the Grey Cup-champion Alouettes.
With that development and Calgary assistant George Cortez joining the Buffalo Bills, the expectation was former Winnipeg head coach Doug Berry had become the top candidate for the Argos’ job. But, with the Winnipeg Blue Bombers having hired former Saskatchewan assistant Paul LaPolice as their new head coach, Hamilton defensive co-ordinator Greg Marshall could re-enter the picture in Toronto.
The Argos questioned for — and received — permission from Hamilton to speak to Marshall about their head coach’s spot, but that was with the expectation he’d likely be hired in Winnipeg.
Whoever takes over as coach will be the club’s fourth in two seasons and face the task of rebuilding a club that’s 7-29 over that span.
