CFL sells Montreal Alouettes to businessman Pierre Karl Peladeau

Pierre Karl Peladeau is the new owner of the Montreal Alouettes.

The Montreal businessman was unveiled as the franchise owner by the CFL at a news conference at Olympic Stadium on Friday. Peladeau, the president/chief executive officer of Quebecor Inc., has a reported net worth of $1.9 billion US.

Peladeau, a former leader of the Parti Quebecois, will represent the Alouettes as their lead governor on the CFL's board of governors.

"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 brings us together," Peladeau said in a statement. "This team that I saw rise to the top of the CFL and win the Grey Cup is our team; it's the fans' team.

The move comes just over a week after the CFL entered into an exclusive negotiation with Peladeau regarding ownership of the franchise.

"Our goal in this process was to put the Alouettes on a path to long-term success, ideally under strong, local ownership," said CFL commissioner Randy Ambrosie.

"This is a special day for this incredible franchise, its fans across Quebec, and the city of Montreal. Pierre Karl and his passion for sports, entertainment and his community are remarkable. I know he will do a tremendous job in stewarding the Alouettes."

Welcome to the <a href="https://twitter.com/hashtag/CFL?src=hash&amp;ref_src=twsrc%5Etfw">#CFL</a>, Pierre Karl Péladeau!<br><br>The <a href="https://twitter.com/MTLAlouettes?ref_src=twsrc%5Etfw">@MTLAlouettes</a> have new ownership!<br><br>