Pierre Karl Peladeau is the new owner of the Montreal Alouettes.
The Montreal businessman was announced as the owner of the franchise by the CFL at a press conference at Olympic Stadium on Friday. Québecor Inc. Peladeau, the President/CEO of, has a net worth of $1.9 billion.
Peladave, a former leader of the Parti Québécois, will represent the Alloys on the CFL’s board of governors as their senior governor.
“I am delighted to be the new owner of the Montreal Alouettes, a team with a long history that has a significant impact on our community because it unites us,” Peladeau said in a statement. “This team that I saw rise to the top of the CFL and win the Gray Cup is our team, this is the fans’ team.
“I want to bring stability and a long-term vision that allows us to put Montreal back at the top of Canadian soccer. I want to thank our fans for their continued loyalty.”
The move comes a week after the CFL entered exclusive negotiations with Peladeau over ownership of the franchise.
“Our goal in this process is to put the Alouettes on the path to long-term success under strong local ownership,” said CFL Commissioner Randy Ambrosie.
“This is a special day for this incredible franchise, its fans across Quebec, and for the city of Montreal. Pierre Karl and his passion for sports, entertainment and his community are remarkable. I know he will do a great job keeping the Alouettes.” «
The CFL took over operations of the Alouettes last month and named former president Mario Cecchini as interim president. Cecchini and Park Lane, the CFL’s investment banking partner, collaborated in the search for the franchise.
But Cecchini will not be with Alouette under Pelato’s ownership. Earlier this week, he was named the commissioner of the Quebec Major Junior Hockey League.
On May 31, 2019, the CFL took over the Alouettes from Robert and Andrew Wettenhall. The league sold the franchise to Ontario businessmen Sid Spiegel and Spiegel’s son-in-law Gary Stern in January 2020.
But with the CFL out of action in 2020 due to the global pandemic, Spiegel died in July 2021 without seeing the club play.
The Spiegel estate held 75 percent ownership, while Stern took the other 25 percent. Last August, Stern announced that he would be stepping down from day-to-day operations with the team and leaving his seat on the CFL Board of Governors.
However, Stern did not relinquish his ownership stake in the franchise.
Cecchini was originally hired as Alouettes president in 2020, signing a three-year deal. But last December, Spiegel’s estate informed Cecchini that his contract would not be renewed.
This report by The Canadian Press was originally published on March 10, 2023.