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Toronto Argonauts: Deadline Fast Approaching for BMO Field Deal

The deadline is fast approaching, for the Toronto Argonauts to sign a deal to play at BMO Field. As current MLSE CEO Tim Leiweke explained, everything needs to be resolved by May 4, to allow enough time for renovations to facilitate CFL games for the 2016 season.

Of course, most Argonauts fans know better than to get their hopes up. Negotiations to ensure the Double Blue’s future in Toronto have been going on for what seems like an eternity.

However, as reported earlier this week by the Toronto Star, the Argonauts are potentially on the verge of being sold. Apparently, MLSE chairman Larry Tanenbaum and Bell are in talks with owner David Braley, to buy the franchise.

As part of any such deal, Tanenbaum and Bell would contribute the necessary $10 million required to help ensure BMO Field renovations include the necessary work to allow for CFL games. This move would make perfect sense, especially given the fact Bell owns TSN, which has broadcast rights for the CFL.

While the Argonauts may not be as popular as other CFL teams, they are still important to the league and TSN. Having a franchise in Toronto helps entice more sponsors, thus leading to more revenues.

Oct 30, 2013; Toronto, Ontario, CAN; Recording artist Jon Bon Jovi (right) talks with MLSE chairman Larry Tanenbaum (left) during the first half at the Air Canada Centre. Mandatory Credit: John E. Sokolowski-USA TODAY Sports

Another aspect which will likely motivate Bell and Tanenbaum to buy the Argonauts comes from the CFL themselves. The league has promised that if a deal is made, BMO Field will host the Grey Cup twice within the next 10 years.

Of course, while this all sounds great in theory, it still comes down to Braley. The Argos owner has been remarkably stubborn in negotiations.

The basis for his stance comes from all the money he has lost, since taking over ownership of the Argonauts in 2010. This is why Braley has stalled on making a deal, due to wanting to recuperate of much of his losses as possible.

However, time is running out for the 73-year old, who wants to sell one of his two CFL teams before he turns 75. Given that the BC Lions are in a much better financial position, it makes sense for Braley to sell the Argonauts.

Of course, even if Braley does see sense, there is one last big hurdle to clear – Rogers. The Canadian communications and media company has no interest in buying the Argonauts, given that they figure to gain little from owning the team.

Now people may wonder why Bell and Tanenbaum don’t just go ahead and buy the Argos without Rogers? Unfortunately it’s not as simple as that.

Rogers owns a 37.5 percent stake in MLSE (Bell also owns 37.5 percent, while Tanenbuam owns 25 percent). On top of this, BMO Field – which is owned by the city – is run by MLSE.

Overall, it’s a messy situation, with the very future of the Argonauts at stake. Fans can only hope that common sense will prevail before it is too late – but, I wouldn’t count on it.