The hope is to “select the successful bidder by the middle of June"Getty Images
The CFL's Edmonton Elks have “begun seeking new ownership in a planned transition from non-profit stewardship into private hands” for the first time in the franchise’s 75-year history, according to Dave Naylor of TSN.ca. The team has been working this offseason with the California-based Park Lane, a sports investment bank that managed the sale of the Montreal Alouettes to Pierre Karl Péladeau just over a year ago. More than “a dozen non-disclosure agreements have already been signed.” While the Elks’ BOD “will be seeking an owner with a strong commitment to the Edmonton community,” there is “no requirement that a potential owner be based locally.” Naylor noted the timeline for completing a sale is “roughly in line with the start of the CFL regular season.” Mid-April “is the cut-off for expressions of interest, and a shortlist of finalists will be drafted by mid-May.” The hope is to “select the successful bidder by the middle of June.” Though the team is “not in a financially distressed situation,” with reserves of roughly $7M, it is “in need of a capital investment to restore the season ticket base as well as improve the club’s infrastructure and its standing in the community” (TSN.ca, 3/14). The CP noted the Elks had an operating loss of $3.3M in 2022, the “fourth straight year it ran at a deficit.” The franchise “averaged just over” 24,700 spectators per game this season. This year’s attendance “is down significantly from 2015” when the franchise averaged a CFL-high 31,517 fans per game (CP, 3/14).
