CFL commissioner Tom Wright was joined by Toronto Argonauts co-owners David Cynamon and Howard Sokolowski, and team president Keith Pelley for Wednesday's announcement.
"Through the commitment of its ownership and the strength of its leadership, the Toronto Argonauts have done an outstanding job at revitalizing its brand and this market's passion for Canadian football," Wright said. "As the right choice for the 2007 Grey Cup game, we are excited to be bringing Canada's championship back to southern Ontario."
This year's Grey Cup goes Nov. 27 at Vancouver's B.C. Place (CBC, 5:30 p.m. ET).
Tom Wright confirmed Wednesday that Toronto is hosting the 2007 Grey Cup. (CP Photo/Paul Chiasson)
Winnipeg is hosting next year's Grey Cup at Canad Inns Stadium.
Toronto last staged the Grey Cup in 1992 - the 80th Grey Cup - when the Calgary Stampeders defeated the Winnipeg Blue Bombers 24-10.
"No other city has hosted the Grey Cup more times than Toronto," Wright said. "No other city has won the Grey Cup more than Toronto and I would suggest that there is no other city that is more representative of the resurgent Canadian Football League than the Toronto Argonauts and what has happened here in this great city."
The Vanier Cup will also be played in Toronto in 2007, two nights before the Grey Cup.
It marks the first time that the CIS and CFL will be played in the same city on the same weekend.
"The GTA and southern Ontario possesses the greatest football fans in the nation," Pelley claimed. "We're ecstatic to provide them with such a first-class event that brings together grassroots football with professional football."
"We've got great momentum right now," said Cynamon. "But by the time 2007 comes around, we'll have even better momentum, even greater passion, so it's going to be a real festival of football."
The Argos, who are the defending Grey Cup champs and winners of an unprecedented 15 overall, host the Montreal Alouettes this Sunday in the CFL East final at the Rogers Centre (CBC, 3 p.m. ET).
Sunday's West final has the Edmonton Eskimos visiting the B.C. Lions (CBC, 6 p.m. ET).
with files from CP Online

