The Edmonton Elks have addressed their ongoing ownership review following a report from TSN that indicated Park Lane, the league’s investment banking partner, has signed over a dozen non-disclosure agreements with potential buyers.
The team confirmed that board chair Tom Richards and club president and CEO Rick LeLacheur provided an update of the review to the CFL’s board of governors on Wednesday, March 13, though details of the presentation weren’t revealed.
A special committee was formed in October to formally review the club’s ownership structure and consists of LeLacheur, current board members Richards, Brent Hesje, and Darryl Boessenkool, and previous board members Diane Brickner and Bruce Bentley. The Elks confirmed that Park Lane, which oversaw the sale of the Montreal Alouettes, is currently engaging with the committee.
The club also reiterated that the committee will eventually make a recommendation to the team’s board of directors regarding the future of the organization, though no further comment will be made at this time.
Edmonton posted a $3.3 million net operating loss in 2022 as attendance plummeted 9.1 percent. Ticket sales rose 4.1 percent in 2023 according to published figures but remain well below pre-pandemic levels. The team’s finances from this past season remain unclear, though the team is expected to post another significant loss.
CFL commissioner Randy Ambrosie declined to comment on the potential privatization of the team during Grey Cup week in Hamilton.
“Whatever decisions and whatever future is going to be created for the Elks, those decisions will be made in Edmonton by Edmontonians, by the Elks and their board,” he said at the time.
