Howard Sokolowski and David Cynamon still own the Toronto Argonauts -- at least for now.
The proposed sale of the Argos to B.C. Lions owner David Braley wasn't approved by the CFL's board of governors Wednesday. That's because work continues on the proposed deal.
A league official said if an agreement was reached Wednesday evening, the matter could be added to the agenda when league officials reconvene Thursday in West Palm Beach, Fla., for the final day of meetings.
Even if the Argos sale isn't approved at the meetings, the general belief around the CFL is it's not a matter of if Braley will purchase the franchise, but when.
Cynamon and Sokolowski have spent much of the off-season kicking around the idea of selling the franchise they rescued from the jaws of bankruptcy in 2003 or securing additional business partners to help offset their mounting losses. A CFL source requesting anonymity said at least one group has inquired about purchasing the Argos and had a representative met with Cynamon and Sokolowski.
However, the meeting ended quickly when the asking price for the franchise was unveiled at between $12 and $15 million.
The Argos owners, with help from the CFL, also attempted to land a new partner -- reportedly approaching both TSN as well as Edmonton Oilers owner Daryl Katz.
According to a published report, Katz was interested, but backed away, leaving Braley as the only viable alternative.
Last June, it was revealed Braley fronted Sokolowski and Cynamon half the $2-million franchise fee to purchase the Argos and continued to lend the team money.
If Braley purchases the Argos, who posted a CFL-worst 3-15 record and missed the playoffs for a second straight year, the optics could potentially be embarrassing for the CFL. Not only would one man own 25 per cent of the league, it would also create an obvious conflict-of-interest situation.
Surprisingly, there's nothing in the CFL's constitution preventing one person from owning two different teams. There's also plenty of support within the board of governors for Braley having two separate franchises.
Also, recent constitutional amendments mean CFL commissioner Mark Cohon must be informed of any financial transactions made between owners, thus creating transparency.
A resolution of the ownership issue would certainly be a welcome development for the Argos, who've yet to settle on a head coach and are anxiously attempting to sell season-ticket packages. Last week, the club offered its head coach's job to Montreal offensive co-ordinator Scott Milanovich but he opted to remain with the Grey Cup-champion Alouettes.
Whoever is hired as coach will be the club's fourth in two seasons and take over a squad that's 7-29 over that span.
