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CFL still looking for money

CFL still looking for money

One of the biggest question marks in the sports world is will the CFL get any kind of a season off the ground this year? Earlier in the current pandemic the CFL commissioner Randy Ambrosie was met with blank stares when he appeared before a commons committee asking for a $150 Million bailout. Later he was back with a $44 Million request. Now today it has been learned that a possible loan from the Business Development Bank of Canada has fallen through. 

The CFL had been pointed to the BDC by the federal government. But two sources with knowledge of the situation say that’s no longer a funding option after the crown corporation and league couldn’t agree on loan terms.

The decision is somewhat surprising given CFL commissioner Randy Ambrosie has stated if the league is to have a shortened season, it would begin no earlier than September. Ambrosie has also said a cancelled ’20 campaign is also possible.

But the latest development doesn’t mean the CFL is out of funding options.

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Last week when asked in the House of Commons if the government was going to assist the league, Heritage Minister Steven Guilbeault said, “We encourage organizations in need of assistance to talk to their financial institution and to see what options are available to them.”

One such option might be the Business Credit Availability Program (BCAP). It offers federal guarantees to loans given out by private banking institutions, but these loans can only be used for operating expenses and must be required as a result of COVID-19 pandemic.

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