Oct 17, 2017
Braley doesn’t expect to sell Lions this year
Lions’ owner says concussion litigation must be dealt with before franchise can be sold, Dave Naylor writes.
By Dave Naylor
B.C. Lions owner David Braley maintains he still intends to sell his Canadian Football League team, but he doesn’t expect to complete a transaction before the end of the calendar year.
“The reason for that is the [concussion] lawsuits,” said Braley. “[Former player] Arland Bruce sued us for concussions and there’s a class-action suit as well. Until those things are cleaned up, the asset can’t be free.”
Braley, 76, a resident of Burlington, Ont., has said he would like to divest himself of his team by the end of this season.
Reports out of Vancouver say Braley is believed to be dealing with three interested parties, one of which is The Waterboys, the support network of local business leaders put together by the late Bob Ackles, a former Lions president.
It is believed the Waterboys group is willing to pay in the $14 million to $15 million range, while Braley is believed be seeking about $20 million, according to sources.
The Lions are 6-9, have lost seven of their past eight games, and are in danger of missing the playoffs for the first time since 1996, the season before Braley became owner.
In the meantime, amid falling attendance and a reduced presence in the market, the Lions have been without a team president since January, with Braley overseeing operations from his home in Ontario.
“We’ve interviewed a number of people [for the president’s position],” Braley said. ““It takes time to find the right person.”
Hiring a president at the same time as negotiating a sale may be part of what has fuelled some doubt around the CFL that Braley truly intends to part with his team.
Two lower courts in B.C. have dismissed Bruce’s suit but he has asked the Supreme Court of Canada to hear his case.
TSN legal analyst Eric Macramalla said that while the lawsuits against the CFL are worthy of consideration by any prospective owner, both suits face long odds and appear to pose a manageable risk.
“There is no doubt that pending litigation can influence whether a sale is finalized,” Macramalla said. “The last thing a new owner wants is to be saddled with paying a significant monetary award. In the case of pending concussion litigation against the CFL, I would expect that it would be a relevant consideration which warrants examination. However, an owner may not be dissuaded from buying a CFL team as the risk of liability, while possible, is not sufficiently likely or significant.”