Missing out on the Bills might lower MLSE's interest in the Argos, which could be problematic

The news that rocker Jon Bon Jovi, Maple Leaf Sports and Entertainment chairman Larry Tanenbaum and Rogers Communications' deputy chairman Edward Rogers III came up short in their bid to buy the Buffalo Bills is generally good for the CFL, but it could carry some problems for the Toronto Argonauts. On the one hand, it minimizes the threat of an NFL team based in Toronto in the immediate future, and that's good news for the Argos; it means they won't have to directly compete with the NFL just yet. On the other hand, though, it removes a key incentive for MLSE to buy the Argos and find them a stadium solution Given the reported issues with current owner David Braley, the apparent lack of interested non-MLSE buyers, and the trouble the team's having in its ongoing search for a stadium, that could be problematic.

Having an NFL team based in Canada would create some severe issues for the CFL as a whole, and it would certainly create some undesirable competition for the Argonauts as well. With the Bills now likely committed to staying in New York for the forseeable future under new owners Terry and Kim Pegula, that threat is diminished. However, it was the pursuit of the Bills that got MLSE interested in the Argos in the first place, and they may have much less interest in running a CFL team if it doesn't represent a potential pathway to NFL ownership. MLSE certainly hasn't followed through on their interest in buying the Argos yet despite tons of reports that the deal was close, and while part of that may be about Braley demanding more than the team's worth, part of it may be the corporation realizing the Bills move wasn't going to work out.

Could MLSE still get involved with the Argonauts? Absolutely. They recently partnered with the team to build a new practice facility at Downsview, and the exclusion of the Argos from the BMO Field renovation was reportedly more about federal and provincial money not coming through than any desire on MLSE's part to keep them out (despite plenty of Toronto FC and Canadian soccer fans who would like just that to preserve the stadium's grass). If that money does eventually come in from the governments involved, or from another source (the CFL office might be able to step in given how much money the league's making now), the Argos may wind up at BMO yet. Despite the issues that would cause for soccer, it's by far the best remaining stadium solution in Toronto for the CFL, so expect plenty of pressure on that front from the league, the team and their fans. Owning the Argonauts would have benefits for MLSE in general (further control of the Toronto sports scene, increased synergy and efficiency across their teams, access to hosting lucrative events like the Grey Cup), and it would have particular benefits if they also played at BMO Field. That idea isn't quite dead yet.

Keep in mind that the NFL in Toronto goal isn't completely dead either. Yes, the Bills are likely off the table for at least the near future. Yes, there would still be significant popular and political hurdles to clear to get an NFL team to come to town, and yes, building an NFL-calibre stadium in Toronto would be exceptionally difficult (especially as one would likely have to be built before guarantees of a team came along). However, Toronto is still a desirable market for the NFL, and expansion or relocation there isn't completely off the table. MLSE would love to be involved in that, and thus, there might still be appeal from an NFL perspective to them buying the Argonauts, both to prove that they can run a football franchise and to diminish the CFL protests about the NFL coming to town. If the CFL and NFL team had common owners, an NFL incursion would seem much less disastrous.

Moreover, consider MLSE's own ownership. The largest stake in the corporation is the 75 per cent held jointly by Bell and Rogers, who bought it from the Ontario Teachers' Pension Plan in 2012. (The other 25 per cent is held by Kilmer Sports, run by MLSE chairman Larry Tanenbaum.) While Rogers has no interest in supporting the CFL (and was a key part of the Bon Jovi group's pursuit of the Bills, both inside and outside MLSE), Bell certainly does. One of their strongest properties is TSN, which is 80 per cent owned by Bell Media (and 20 per cent owned by ESPN), and since losing hockey to Rogers, the CFL is now one of TSN's top properties (and is locked up through 2018). Keeping the CFL healthy (and keeping a foothold in Toronto, which matters for audiences and for advertisers) clearly matters to TSN, so it matters to Bell, and it at least partially matters to MLSE. Thus, there could still be incentive for them to get involved with the Argos even without that leading to the NFL.

If that's not enough for MLSE to buy the Argos, though, what does that mean for the CFL? The team clearly needs a new owner; Braley doesn't want to run them forever, and the way things have gone with them lately, new ownership would likely be beneficial. However, no one beyond MLSE has really even been rumoured to have interest in them over the last few years. Part of that may be unreasonable asking prices from Braley, but if the league leans on him to drop his demands and there still aren't interested buyers, this could get problematic. The Argonauts don't necessarily need to be owned by MLSE; if they can find an owner with decently-deep pockets who's willing to invest in the team (on the field and off) and able to find them a stadium solution, they'll be in good shape even if they're not owned by Toronto's biggest sports empire. However, other interested potential owners have been few and far between so far, and if losing out on the Bills is enough to make MLSE back away from the Argos as well, the team could be in trouble.