Potential suitor walks away from Renegades
4/5/2006 7:45:13 PM
TORONTO (CP) - Another potential suitor has walked away from purchasing the troubled Ottawa Renegades.
Anthony Primerano, the president of Golden Gate Capital, a mortgage-origination company based in Toronto, headed up a group that had held preliminary discussions with the CFL on acquiring the Ottawa franchise. But on Wednesday, Golden Gate Capital announced it was not continuing with future discussions and had expressed those intentions in a letter to commissioner Tom Wright.
In a statement issued by the CFL, Primerano said Golden Gate Capital strongly believes the Ottawa Renegades will be successful in Ottawa-Gatineau under the right ownership. At the same time, he acknowledged, ''that the requirements of building and operating the team present challenges in the near term given the short period of time between now and training camp.''
Last month, Ottawa Senators owner Eugene Melnyk told the CFL that while he is concerned about the Renegades future, he wasn't going to buy the franchise.
The CFL's board of governors put the Renegades up for sale last month after minority owner Bill Smith no longer wanted to absorb any losses and majority owner Bernie Glieberman was only willing to ante up $2.5 million. The Renegades reportedly lost $4 million last year and projections are the club could lose between $5 million and $6 million in 2006.
Earlier this week, Wright said he expected to have a decision on the Renegades future by mid-April
see that, the league hasn't decided if they will take over Ottawa or not, so there is still a chacne that you may see Football in 2006, though slim.
so 6 million in loses, what was Hamilton's and Toronto's loses when the CFL tock them over?
the underlined part tells me that this guy wants to buy the team AFTER the 2006 season, which as I have said before, isn't a bad idea, not good for Ottawa, but not bad else.