Howard Sokolowski and David Cynamon were introduced as the CFL club's new owners at Exhibition Place on Wednesday.
Sokolowski owns and operates Tribute Homes while Cynamon is chief executive officer of KIK Corporation, North America's largest producer of private label household bleach.
The Argonauts also announced that TSN president Keith Pelley will take over as CEO and president.
Argonauts team president and CEO Keith Pelley, co-owners David Cynamon and Howard Sokolowski and CFL commissioner Tom Wright (left to right). (CP Photo/Aaron Harris)
Terms of the deal with the CFL were not disclosed, but a source close to the new ownership group told CBC Sports Online on Thursday that the franchise fee was in the "neighbourhood" of $3 million.
"We understand (the Argos) have gone through some tough times over the last year and David and I don't want to ignore those issues," said Sokolowski.
"We have developed a plan that will focus on the sales and marketing aspects (of the team) that were overlooked by previous ownerships."
"Today is about Toronto, about the Toronto Argonauts," said CFL commissioner Tom Wright who, four weeks ago, unveiled Hamilton-born businessman Bob Young as the new owner of the Tiger-Cats.
"We have two gentleman (Sokolowski and Cynamon) who are in it for the long term. They have the plan and the resources necessary to complete the task."
On July 29, the CFL revoked the franchise from previous owner Sherwood Schwarz, who stopped paying his bills after losing a reported $17.4 million in three-and-a-half years.
Wright said Sokolowski and Cynamon not only bring local ownership to the Argos, but a passion for the city of Toronto and the CFL.
A resident of Toronto, Sokolowski grew up in the north end of the city and attended numerous games at Exhibition Stadium.
Cynamon is an Edmonton native who moved to Toronto to attend York University. His old bedroom at his parents home in Edmonton is still filled with CFL pictures.
"Growing up, I bled green and gold," Cynamon said. "But today, it's all about the Double Blue.
"The Argos can deliver excitement and value -- a high quality product at a reasonable price."
The Argos were on a downward spiral after the 1999 season when Belgium-based owners, Interbrew SA, dumped the team in the league's lap. No one came forward in Toronto knowing the team would struggle at the SkyDome because of the high overhead.
Sokolowski confirmed a new stadium will be constructed, saying the Argos will remain at the Skydome for at least the next two years.
The father of five added discussions have already begun on how to improve the atmosphere at SkyDome for football fans.
The grounds at Exhibition Place as well as an area on or near the campus of York University are believed to be potential sites for the Argos' new home.
Despite the fact fan interest in the Argos appears to have waned in recent years, Pelley is confident the new ownership group can reach the people on the streets.
The Argos averaged about 15,000 fans per game this season, but topped 20,000 for last Sunday's Eastern Division semi-final against the British Columbia Lions. Lions.
"I love the CFL, I believe in the product and I know it can work here in Toronto," said Pelley. "I can't promise we'll bring fans back in droves.
"But what I can promise is that, as a team, we will evaluate all facets of the organization during the off-season.
"The interest is astounding in this city. The opportunity to rekindle the flame of a storied franchise was too good to pass up."
Pelley took over the role of president at TSN in March 2001. In that role, he oversaw all of the network's day-to-day operations including programming, production, marketing and the development of staff and talent.
Previously, he held positions of senior vice president and vice-president and production manager within the network, over a period of eight years.
In 1995, Pelley joined the Fox Sports Network and became the first Canadian to produce NFL football, where he also produced NHL hockey and major league baseball.
In Pelley, Sokolowski said he and Cynamon have found an individual who personifies "determination and the desire to win."
He added the purchase of the Argos will become official following the Grey Cup on Nov. 16 in Saskatchewan.
with files from Canadian Press
