Just came upon this while looking through the Ottawa Citizen.
'Understanding' on major issues brings CFL closer to return to Ottawa
Matthew Sekeres, The Ottawa Citizen
Published: Friday, January 26, 2007
A major hurdle has been cleared in the effort to revive Ottawa’s twice-folded Canadian Football League franchise.
The Citizen has learned that former CFL player Bill Palmer, the father of Montreal Alouettes quarterback Jesse Palmer, has reached an understanding with the league’s franchise committee on at least two significant financial issues. It is believed the sides have agreed on a franchise fee and a letter of credit, which were considered major stumbling blocks on the way to a deal.
Recently, Palmer was given two weeks to secure his financing, and if the committee is satisfied that the money is in place, the league’s board of governors could vote on the proposal at the CFL Congress, to be held Feb. 12-15 in Montreal. Board approval would clear the path for the team to begin play in 2008, though Palmer would want the franchise to be operational by the time CFL training camps open in late-May.
Meanwhile, the Citizen has also learned that one of Palmer’s chief financial backers is Louisville lawyer Ed Glasscock, the co-managing member at Frost Brown Todd LLC, Kentucky’s largest law firm. Palmer’s group includes as many as 12 financiers, most from the U.S., with one coming from Ottawa. Glasscock, 62, is a co-owner of the Triple-A Louisville Bats of the International League, has horse-racing interests and is also a well-known fund-raiser in his community. Earlier this decade, he made two unsuccessful attempts to lure a National Basketball Association franchise to Louisville. (The Vancouver Grizzlies ultimately moved to Memphis and the Charlotte Hornets re-located to New Orleans.)
Glasscock, who has attended at least one negotiating session with the CFL in Toronto, did not return a telephone message and an e-mail left by the Citizen yesterday. Neither Palmer nor franchise committee chairman Ted Hellard, a minority owner of the Calgary Stampeders, would confirm that an agreement is in place, but both expressed optimism about the state of negotiations.