The Edmonton Elks are being sold to local businessman Larry Thompson, according to a report from TSN’s Dave Naylor.
A special committee was formed late last year to review the team’s ownership structure and it started hearing formal bids from prospective owners in May. Park Lane, the CFL’s investment banking partner which oversaw the sale of the Montreal Alouettes last year, has been working directly with the committee since at least March.
The committee signed at least 20 non-disclosure agreements with individuals or groups interested in purchasing the team. Last month, president and CEO Rick LeLacheur indicated the firing of head coach and general manager Chris Jones wasn’t related to the upcoming sale of the team, though he ensured all potential buyers signed off on the decision.
Edmonton has endured cumulative losses of over $16 million since 2019, including a $7.1 million loss during the league’s cancelled season in 2020. This figure was in line with the league’s two other community-owned teams, Saskatchewan and Winnipeg, though both have since posted consistent profits.
The Edmonton Elks (2-7) will visit the Hamilton Tiger-Cats (2-7) on Saturday, Aug. 17 with kickoff slated for 7:00 p.m. EDT.
