The Canadian Football League is engaged in exclusive negotiations with Quebecor Inc. about the sale of the Montreal Alouettes, according to a new report from Herb Zurkowsky of the Montreal Gazette.
Quebecor is a Montreal-based media and telecommunications company that operates assets such as Videotron, Groupe TVA, Le Journal de Montreal and Le Journal de Quebec. Their sports and entertainment division currently owns and operates the Blainville-Boisbriand Armada and Quebec Remparts of the Quebec Major Junior Hockey League.
The company is controlled by president and CEO Pierre Karl Péladeau, a prominent businessman and former politician who briefly served as the leader of the separatist Parti Québécois. The 61-year-old Montreal native has an estimated net worth of $1.9 billion USD.
The CFL took over interim control of the Alouettes franchise last month in the hopes of finding a new owner. The team’s future was placed in jeopardy after the estate of the late Sid Spiegel elected to stop funding operations.
The Alouettes were originally purchased by S and S Sportsco, a corporate entity owned by Spiegel and his son-in-law Gary Stern, in January 2020. However, Spiegel passed away in July of 2021 having never seen his team play, leaving his 75 percent stake in the franchise under the control of two anonymous lawyers.
The team had previously endured a year-long period of league ownership after long-time owner Robert Wetenhall surrender the franchise in May of 2019.
A deal to secure much sought-after local ownership in Montreal has not been finalized, but the CFL is working towards an agreement with Quebecor. Negotiations are reportedly being handled by the league’s investment banking partner, Park Lane.