CF Montreal owner Joey Saputo puts club up for sale

CF Montreal owner Joey Saputo announced on Monday that the Saputo family has begun a structured process to sell the Major League Soccer club, after more than three decades of family ownership and leadership.

The sale process

Saputo said the decision was made to undertake a structured sale process to secure the club's future in Montreal. "After more than three decades of family ownership and leadership, the decision was made to undertake a structured sale process," Saputo said at a press conference on Monday.

The club will operate normally as the sale procedure commences. BMO Capital Markets will serve as primary financial advisor, and the preference would be to sell to a Quebec-based owner.

Saputo said he believes there remains a strong future for the team and MLS in Montreal. "The club is stable, well positioned and part of a growing league and market," Saputo said. "For years, we have worked to establish the winning conditions necessary for CF Montréal’s long-term success. Today, there is a clearer path forward, particularly with the Olympic Stadium and in our pursuit of Canada Soccer’s National Training Centre. We have laid important groundwork, and it is essential that this momentum continues to secure the club’s future in Montreal. Precisely because of that, we believe this is the right moment to begin a structured process to identify the right group to take the club forward and build on what has been accomplished."

Club history and recent performance

The Saputo family founded the team, then the Montreal Impact, in 1992. The club transitioned into an MLS side in 2012.

The team is coming off of a last-place finish in the Eastern Conference and a MLS-low six wins in 34 matches. The team has made the playoffs four times in 14 seasons and won three games. Coaching instability has also become a hallmark of the team. The team has had 11 full-time managers in its 14 MLS seasons, including six since 2019. The most recent manager, Marco Donadel, was fired this past April. Philippe Eullaffroy served as caretaker manager for the remainder of the season.

Saputo remains owner of Bologna, the Serie A side purchased in 2014.

Interest from potential buyers

Entrepreneur Ashkan Karbasfrooshan, founder and CEO of media company WatchMojo, posted an open letter on X asking Saputo to consider selling. Titled "Name Your Price. Name Your Conditions. Give Me a Deadline," the letter asked Saputo to name a price, conditions, and a deadline for a potential sale.

Karbasfrooshan said Saputo told him he is not interested in selling. Karbasfrooshan has also been trying to bring back Major League Baseball's Montreal Expos with an ambitious stadium project in the city, and has also brought up a potential NBA team.

"I’ve spent the better part of a year assembling investors, strategic partners, infrastructure financing and a vision for Montréal’s next great sports and entertainment district," Karbasfrooshan posted.

Why it matters

The sale would end more than 30 years of Saputo family ownership of the club, which began when Joey Saputo acquired the team in 1992 and helped revive soccer in Montreal. The club entered MLS in 2012 as the third Canadian team in the league.

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Sources

• ici.radio-canada.ca: La famille Saputo enclenche le processus de vente du CF Montréal | Radio-Canada
• tsn.ca: Joey Saputo announces impending sale of CF Montreal
• canadiansoccerdaily.com: Ashkan Karbasfrooshan tells CF Montreal owner 'name your price'
• thestar.com: CF Montréal owner Joey Saputo says MLS club will initiate sale process

This article was drafted with AI assistance and checked against the sources above. Company claims are reported as claims. Cover image is AI-generated.