That didn't last long...
Just as the team seems to be getting a bit of momentum, the owner bails.
I wonder what he was promised by the CFL or MLSE when he signed on that didn't happen. How do you go from can't get off Twitter to gone.
I am thinking his late father in-law was the one who wanted to do this. There is a mention that the estate may have some issues.
I wonder if any local owners will show up?
Wow. Didn't even make it a full real season. I'm sure Covid accelerated things and lost more money faster than expected.
There were allot of interested parties last time but the inclusion of Macciocia seems to be a mill stone getting a deal done. They'll have to just let the new owner decide the personnel like any other sale.
Didn't know the breakdown between Stern and Speigal was 25 ad 75% respectively.
This will be of interest, especially since all the local ownership groups who stepped forward last time got rejected by the league.
Hopefully it will be estate of of Speigal (rather than the league/Ambrosie) doing the negotiations to sell this time around.
MLSE should now offer Stern a stake of the Argos just to get his Twitter influence on their side.
This story really bums me out, though. Stern was one of my favourite stories of the season up till now.
It appears the Montreal Alouettes are once again in the market for a new owner.
Outspoken minority owner Gary Stern is stepping away from day-to-day operations with the club and resigning from his role with the Canadian Football League’s board of governors, effective immediately.
Stern, who was also the team’s CEO, purchased the club in partnership with his late father-in-law Sid Spiegel in January of 2019. Spiegel passed away just over a year ago.
With Stern as 25 per cent owner, Spiegel’s passing put his 75 per cent share of the Alouettes under control of his estate.
The settlement of that estate remains a complicated matter, and it’s believed Stern has received little co-operation when it comes to matters concerning the Alouettes.
Stern will retain his share of the team but all other involvement with the club is over. By Monday morning, his previously active Twitter account had been deactivated.
The CFL must now find a new owner for a franchise it operated at a significant loss for a full season in 2019. Stern and Spiegel took over roughly three months before the COVID-19 pandemic ground the league’s operations to a halt, forcing the cancellation of the 2020 season.
Is possible for the Alouettes to become community owned?
I so don't want to become an Eastern team again, Ugh
And to think there were two separate local groups willing to purchase the team at the time and ended up going with Stern.
According to what Naylor writes this is more along the lines of the BC sale than the last Als sale. The league hasn't taken over.
Though it's unclear what would happen in the off season if it's not resolved.
Anyway they spin it, it’s not good for the organization or the league.
Big question mark to me in the article above
"The settlement of that estate remains a complicated matter, and it’s believed Stern has received little co-operation when it comes to matters concerning the Alouettes."
Has he received little co-operation from the league or the estate in terms of the Als?
Reading between the lines it’s certainly possible he was told to take a hike by the 75% ownership.
I'm leaning towards this line of thinking too.
"Today, decisions related to team financing and operations rest with Sid’s estate," Stern wrote. "The close partnership Sid and I had, which included our shared love of sports and our ability to grow our team the way we have invested and grown our other joint businesses for decades, no longer exists."
Though the rumour mill will swirl of who potential investors are, if any lesson is learned from the last sale is have NDAs singed and keep things quiet until something is complete.....much like BC
Looks to me as well that the estate holds all the cards.
Sounds to me like more of an internal family/estate issue that is spilling over than a football issue.
Sad story for the league.
I liked Stern and thought his enthusiasm for the league was genuine. However, he came off a bit too Carney and reminded me of an eccentric indoor football owner at times. And like most indoor football owners, it seems his mouth was bigger than his checkbook. I think it's safe to say The Estate will look to sell the team, but continue to operate on a shoestring budget before turning the Al's over to the league after the Grey Cup.
A series of tweets for Farhan Lalji but 2 key ones here
Cynical me thinks Stern is using this as an excuse to walk away from what he has seen is a losing proposition.
But if not the case, why then doesn't he buy out the estate? How expensive can it be?
likely three times more than what he paid to get in at 25%.
So then he was basically all hat & no cattle as they say.