Cfl Takes Over Troubled Lions

The CFL put the troubled B.C. Lions into receivership Friday after concluding owner Nelson Skalbania was unable to pay the team’s mounting bills.

The decision to revoke the franchise rights and appoint Price Waterhouse to operate the team came after a meeting between Jeff Giles, the league’s chief operating officer, Skalbania and Lions president Mike McCarthy.

The troubled franchise has failed to cover its most recent player and administrative payrolls, forcing the league to cough up $120,000 to make up the shortfall. The club is also more than $300,000 in debt.

Giles is optimistic the team will survive the season with league financial help.

“We’ll be working with the receiver over the weekend and our objective is to ensure the club is able to play through the season,” he said.

Price Waterhouse will try to find new buyers for the 2-8 team, which has eight games remaining in the regular season.

The 42-year-old club has been in a cash crunch since Skalbania purchased it in March. Skalbania claimed a group of nine investors were on board as well, but it was unclear which of Skalbania’s partners had money in the team, how much they had invested or whether they would be able to cover team losses.

Previous owner Bill Comrie had lost an estimated $7.5 million over three years.

The team is averaging 15,000 fans a game - far less than is needed to break even - and just 12,761 watched the Lions’ third home game on July 27.