CFL reaches agreement to sell Alouettes: report
League will reportedly make formal announcement Friday at conference in Montreal
The Montreal Alouettes ownership issue has been resolved.
According to a source, the CFL has reached an agreement to sell the franchise and will make the formal announcement Friday at a news conference in Montreal.
The source requested anonymity as neither the league nor Alouettes have released details of the agreement.
But the move will come roughly a week after the CFL entered into an exclusive negotiation with Quebecor Inc. regarding ownership of the franchise.
Quebecor Inc.'s president/chief executive officer is Pierre Karl Peladeau, a Montreal businessman who has a reported net worth of $1.9 billion US.
The 61-year-old Peladeau is also a former leader of the Parti Quebecois.
It's unclear whether Quebecor or Peladeau will be the principle owner of the franchise.
Quebecor Ltd. also has a sports and entertainment division that includes the Quebec Remparts and Blainville-Boisbriand Armada, both of the Quebec Major Junior Hockey League, as well as the Videotron Centre, an indoor arena in Quebec City.
Quebecor Ltd. unsuccessfully attempted to get an NHL expansion franchise for Quebec City in 2015.
The CFL took over operation of the Alouettes last month, appointing former president Mario Cecchini as interim president.
But the league said Cecchini wouldn't take over immediately because he was involved in the sale of the Alouettes. The QMJHL added interim commissioner Martin Lavallee will continue in that role until Cecchini could take over.
The CFL's assuming control of the Alouettes marked the second time in roughly four years that it had been forced to do so. The league took over the franchise May 31, 2019 from Robert and Andrew Wetenhall.
Spiegel's estate had maintained a 75 per cent ownership stake in the franchise, with Stern assuming the other 25 per cent. Last August, Stern announced he was stepping away from day-to-day operations with the team and leaving his position on the CFL board of governors.
However, Stern didn't give up his ownership stake in the franchise.
ΓÇïCecchini was hired as Alouettes president in 2020, signing a three-year contract. But last December, Cecchini was informed by Spiegel's estate that his deal wouldn't be renewed.