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Leagues & Governing Bodies
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CFL To Require Greater Transparency For Financial Transactions
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Cohon Changing CFL Bylaws
Over Secret Financial Deals |
CFL Commissioner Mark Cohon said that the league "will amend its constitution to require financial transactions between teams to be disclosed to the office of the commissioner and the board of governors," according to Naylor & Sekeres of the GLOBE & MAIL. Cohon issued the statement after learning that B.C. Lions Owner David Braley "has provided financial assistance" to Toronto Argonauts co-Owners David Cynamon and Howard Sokolowski "since they entered the league at the end of the 2003 season." Although sources said that Braley paid half of the $2M (all figures Canadian) franchise fee and "has covered half of the club's losses for the past five years," Cohon said that "none of the parties violated the CFL constitution." While he said that the "secret deal was brought upon by desperate times in the interest of the Argos and the league as a whole," Cohon said that the league "needs to make sure further financial assistance among owners does not occur in secret." Cohon: "I agree that transparency is important for everyone. I've spoken with the chairman of the board and we'll be addressing that issue going forward as it relates to financial transactions between franchises." Cohon "remained steadfast in his belief that Braley had no equity stake in the Argos, a situation that would have put him in violation of the CFL constitution, which requires disclosure of all parties with ownership interest in franchises" (GLOBE & MAIL, 6/17). Cynamon yesterday said that the allegation that Braley paid half the cost of the $2M franchise fee for the Argos "wasn't true." Cynamon said that he and Sokolowski "paid the entire fee." Cynamon said Braley "became the bank" for the owners in '03 to use as a "support mechanism" if the club's losses became too great. Cynamon: "It was always as a loan, never equity." Cynamon "insisted that no league bylaws were broken" (TORONTO STAR, 6/17).
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