Stelco Holdings Inc. has executed agreements with the current owners of the Hamilton Sports Group for the purchase of a 40 percent equity interest in the entities that own the Hamilton Tiger Cats and Forge FC, as well as the master lease of Tim Hortons Field.
The existing ownership group led by Bob Young will retain majority ownership of HSG and continue to manage the teams, both of which have enjoyed recent success. The Ticats hosted and played in the 108th Grey Cup championship in December — the team’s second consecutive appearance in the CFL final. The Forge FC are one of seven inaugural teams in the Canadian Premier League, winning back-to-back titles in 2019 and 2020 and will compete in the 2022 CONCACAF Champions League.
The playing surface at Tim Hortons Field received FIFA approval and has previously hosted 32 international matches during the Pan Am Games and will host an upcoming FIFA World Cup qualification match between Canada and the United States. Other notable events scheduled at Tim Hortons Field include the Buffalo Sabres hosting the Toronto Maple Leafs in the NHL’s 2022 Heritage Classic in March of this year, and the 110th Grey Cup which will be hosted by the Tiger-Cats in 2023.
“Stelco remains committed to the city of Hamilton, the province of Ontario and the country of Canada by providing excellent career opportunities to its employees in the Hamilton area and by continually giving back to the community,” Stelco executive chairman and chief executive officer, Alan Kestenbaum said in a statement.
“In continuance of those values, Stelco is thrilled to partner with Hamilton Sports Group and the entire Tiger-Cats and Forge FC organizations. They put a tremendous product on the field in both sports, and represent Hamilton proudly, much like Stelco. Since arriving at Stelco in 2017, I have continued to be amazed at the spirit shown by the local community and have experienced firsthand the rabid local support for the Tiger-Cats.”
“This is an overdue union of two Hamilton icons, with Stelco’s 110-plus year history in Hamilton and the Tiger-Cats’ own history in the city dating back over 150 years. We are excited by the growth prospects of both teams and their respective leagues as new media opportunities continue to be embraced and live sports content remains the preeminent source of entertainment globally.”
“As part of this partnership Stelco together with both the Ticats and the Forge FC intend to develop a community engagement program focused on youth throughout Hamilton and surrounding communities to increase health and wellness by involving the highest calibre talent available in both football and soccer with our youth.”
The transaction is subject to certain conditions and is expected to close in the first quarter of 2022.
Transaction highlights include:
- Stelco to partner with existing, highly experienced management team of Hamilton Sports Group
- One of the most storied franchises in all of Canadian professional sports, the Hamilton Tiger-Cats have won eight Grey Cup titles since 1950
- Hamilton Forge FC are a two-time winner of the Canadian Premier League title and enjoy a rapidly growing fan base
Stelco is an integrated and independent steelmaker with one of the newest and most technologically advanced integrated steelmaking facilities in North America. Stelco produces flat-rolled value-added steels, including premium-quality coated, cold-rolled and hot-rolled sheet products, as well as pig iron and metallurgical coke.
Stelco steel products are supplied to customers in the construction, automotive, energy, appliance, and pipe and tube industries across Canada and the United States as well as to a variety of steel service centres, which are distributors of steel products.