/CNW/ - Toronto Argonaut owners David Cynamon and Howard Sokolowski, announced today the sale of the Toronto Argonaut franchise to David Braley.
We never intended this process to take as long as it has, and sincerely apologize to the fans and thank them for their patience, said Cynamon. We feel honoured to have been part of the Argonauts organization as both owners and as fans, and are proud of the many accomplishments this team has achieved over the past six years. When we assumed ownership of the Argonauts in 2003, we had a clear vision for the franchise. And while a large part of that vision was successfully realized and the team reached new levels of performance on and off the field, we did not deliver against our goal and commitment to build a new, smaller stadium for the team, our fans and the business. We feel it is the right time to sell the Argonauts franchise to a new owner who is equally as passionate about the team as we are.
Cynamon and Sokolowski played a critical role in the revitalization of the Toronto Argonauts, joining the League as team owners and members of the CFL Board, and bringing the franchise out of bankruptcy in 2003. Since then, their passion for the game and their commitment to the teams success, both on and off the field, has helped enable the Argonauts to quadruple ticket revenues, attract key sponsors and increase corporate revenues by more than 500%, and host one of the most successful Grey Cups in recent CFL history. Under Cynamon and Sokolowskis ownership, the team also earned appearances in four division championships and celebrated a Grey Cup championship victory. In addition, through the efforts of individuals across the entire organization, and innovative programs such as Stop the Violence, the Toronto franchise has created a very relevant connection to the Greater Toronto Area community and beyond.
We believe there is an opportunity for this historic franchise to continue to improve and grow under new ownership and with the continued support of the League, said Sokolowski. We would like to recognize and thank the CFL, in particular Mark Cohon, for his ongoing support and overall commitment to Canadas game. We also want to thank the Argonauts team and staff for their dedication and efforts over the past six years, as well as the thousands of fans whose passion for the game and the franchises success we have shared and will continue to share long after todays announcement.