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Bell Media, Larry Tanenbaum In Talks To Buy CFL Argonauts, Move Team To BMO Field

Bell Media and MLSE Chair Larry Tanenbaum "are negotiating to buy" the CFL Toronto Argonauts from David Braley and "aiming to secure a lease that would see the team move to BMO Field" in time for the '16 season, according to Naylor & Westhead of TSN.ca. Sources said that completing the "complex transaction has been difficult" because the third partner in MLSE's ownership, Rogers Communications, "has declined to take on a stake in the Argos." Sources added that "sorting out Rogers' role in the deal has been a stumbling block for months," with the CFL "still holding out hope that Rogers can be convinced to join its MLSE partners in owning the Argos." However, with a deadline to complete a deal "looming in a matter of days in order for BMO Field to be CFL ready by next summer, there is pressure on all parties to get a deal done." The Argos currently play at Rogers Centre, and getting into a "smaller, more suitable facility, with the ability to secure a more fan-friendly schedule, is considered the key to turning around the Argos' economic fortunes." Bell and Tanenbaum as part of the deal have "secured the right to host two Grey Cup championships at BMO Field over 10 years." Sources said that the revenue from hosting the event "will help offset the purchase price of the team and some of the costs associated with converting the field for CFL use" (TSN.ca, 4/27). BLOOMBERG NEWS' Gerrit De Vynck notes the Argos are the "last major Toronto sports team not controlled" by either Bell or Rogers. Both companies, which "own TV channels and run the country's two largest wireless networks, have been amassing sports and TV content they can sell to their cable, smartphone and Internet subscribers" (BLOOMBERG NEWS, 4/28).

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