The CFL has given the federal government some details regarding its planned expenditures should it receive the loan it has so desperately requested, according to Canadian Press reporter Dan Ralph.
Anonymous sources close to the situation say the league has talked about losing more than $50 million dollars on the 2020 season even if federal support is offered.
The report comes on the heels of Ralph’s reporting on Monday that the CFL was seeking a $30 million interest-free loan from the federal government after exhausting all other options. The sources say the money will be used to cover player salaries, COVID-19 testing and hub city expenses, but the league will still face considerable financial jeopardy in the long term.
The CFL had originally sought the loan through the Business Development Bank of Canada, but couldn’t come to terms due to high interests rates that might cripple the league and the need for provincial guarantors. They then pivoted to the Business Credit Availability Progam through Export Development Canada, but it seems that is also now out of the question.
The league board of governors will meet on Thursday and hope to have the official loan terms in front of them by then. For its part, the federal government had wanted an agreement between the league and CFL Players Association before proceeding, but absolutely must approve both proper health protocols and a specified repayment plan before anything can be finalized.
CFL players will remain in unpaid limbo until the government makes a decision, but Thursday now appears to be a key date to circle on the calendar as the clock ticks down on a CFL decision.