Reading at a glance it seems all over the place in what they are looking for selling anywhere from 10% to 90% and not set on who would have control at the end of the day. French Canadian partners need apply.
I couldn't see how the estate will want to hold on forever but looks like Stern would like to stay in the picture if possible.
Makes perfect sense why Checchini is not being renewed
I was going to post this until I saw that you did.
Overall it seems a bit bizarre to me, spinning it as seeking "partners" for 10-90% of the team. Partners are usually up to 50% with anything above being a sale. There was considerable speculation on an earlier different thread about a sale happening in the offseason. Well I guess this is it.
Some of the other explanations given by Stern such as him ceding control of the team are weak and to me lack credibility. So is the non explanation for the dismissal of Cecchini, who by all indicators has been the most successful Alouette at his job over the last year as the attendance and financial stats highlight.
I suppose the Als ownership group can do what they want and spin it however they want, and I don't think they are necessarily outright harmful, but I'm not buying any of their propaganda.
The Als ownership group is spreading horse doo doo and I'm not buying any of it. Their credibility has nose dived around these parts since last Tuesday when they rejected my recent generous offer to purchase their crummy team outright in exchange for an I.O.U. (which I signed with YOUR name by the way).
That's the last time I ever try to do business using your money with these clowns.
This wasn't exactly unexpected. At least they're not throwing the keys on the table and walking away like Wettenhall, but we know the estate is not looking to run this team long term. It's unfortunate as the Al's were starting to look relevant again in the market, but I'd expect a bare bones operation to be in place for the 2023 season.
The Alouettes lost $50 million when the Wetenhall family owned the team. They lost around $5 million last year and the people that are in the trust want out. The league needs an optimist with deep deep pockets.
I will allows the new investors to hire their own person which is common when there's a change in ownership. It also doesn't make sense of Checchini to stick around even if he wanted to with a potential major change with the way with his boss
I don't have any inside information but CFL teams lose money - they are not like the NFL where you print money no matter what happens. The last owner lost $50 or more over the course his ownership. He threw the keys to the CFL and dropped the mic - I can't imagine that Spiegals heirs want their inheritance getting chewed up supporting the Als over the next eight or ten years.
Absolutely. Estates aren’t in the business of managing assets indefinitely, especially money losing assets such as the Alouettes. Why would the heirs want the estate to lose $5 million a year? The exception might be if one if the heirs wanted to own the team as part of his or her share of the estate. No sign that is in the cards. In fact, as I pointed out above, the team is actually for sale right now in spite of the fact that the spin appears to be a “partnership”. Who would want to partner with an estate in these circumstances?
I agree with you - Rich people don't get rich and stay rich by keeping money losing assets long term - they dump them on the next person who thinks they can fix what is wrong. They walk away from them just like the Braley trust didn't want to keep burning through cash to keep the Lions alive. Most of the next generation look at their parents obsessions as something they will dump if the time comes.
Case in point on a smaller scale I know a couple of guys who will have to clean out their father's garage when he passes away. The old guy has 20 or so Honda Trail 90s stacked up in his garage. None of them run but the old guy holds onto them like they are treasure. The kids know they are going to have to deal with them - none of them are fighting for the rights to this pile of treasure.
I would think that Spiegal's offspring probably look at the Al's in a similar light to the pile of Honda Trail 90's in the old guys garage.
In my opinion I can see one of the family members possibly Stern calling himself president and have a patchwork management going until a sale is done. I can't see them bringing in someone from the outside into that role with that kind of change looming.
Hopefully it will be quick as there was allot of interest last time and on the surface it appears the financials are better than it was 4 years ago.