CFL reaches agreement on sale of Montreal Alouettes: report

Photo courtesy: Montreal Alouettes

The Montreal Alouettes have finally been sold, according to a new report from Richard Dufour of LaPresse.

The deal is expected to be announced during a press conference at Olympic Stadium on Friday morning. CFL commissioner Randy Ambrosie will be in attendance.

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.

The league recently entered into exclusive negotiations with Quebecor Inc. about the sale of the team. The Montreal-based media and telecommunications company 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.

Either Quebecor or Peladeau himself is expected to be announced as the team’s new owner, with clarity around the structure of ownership coming on Friday morning. Interim team president Mario Cecchini, who helped oversee the search for new owners alongside the league’s investment banking partner Park Lane, was announced as the new commissioner of the QMJHL on Tuesday and will not be returning to the franchise.