With the CFL turning down further cooperation with the XFL, there are now concerns that the Argos might switch to the XFL. It was MLSE that pushed for talks with the XFL, raising questions about whether they might jump to the league in 2023 when it starts up again. I don't see this being successful if it comes to pass because most of the hard core Argo fan base wouldn't jump ship, especially if the CFL was still around. Furthermore, I don't see the XFL building a strong new fan base here when those wanting American football want the premier league, the NFL. Or is killing off the Argos as a CFL team, a prelude to pursuing a NFL team?

The CFL's announcement Wednesday that it had ended talks with the XFL was significant because league sources have continually suggested that MLSE had long been a driving force in a collaboration with the American-based spring league.

With reported annual losses of around $12 million operating within the Canadian league's status quo, MLSE was the catalyst for the XFL discussion and saw a potential partnership as a way to establish a new structure that could help improve the football entity's fortunes, according to multiple sources.
The sources were granted anonymity because neither MLSE nor the CFL has divulged the exact nature of talks with the XFL. ...

So while the CFL's decision Wednesday allows it and the nine member teams to concentrate solely upon the '21 season, it hasn't resolved the Argos' issues and only served to raise questions about the future of the franchise and, most notably, it's current owner.
MLSE spokesman Dave Haggith said Thursday the organization's sole focus is "on the CFL's return to play this season. That's what we're excited about for both the league and it's fans."
At first glance, it would appear the company has three options to consider moving forward:
  • Having Toronto join the XFL when the spring league resumes play in 2023 because it's much easier to reach a deal with one team rather than a nine-franchise league.
  • Selling the Argos in time for the 2022 season.
  • Continue owning the franchise and negotiating a better business model/structure for the CFL moving forward given that teams in its biggest markets — Toronto, Montreal and Vancouver — are struggling. Trouble is, the league is unique in that it has three different models in place with community-owned teams (Winnipeg, Saskatchewan, Edmonton), those that are privately owned (Hamilton, B.C. and Montreal) and three owned by conglomerates (Toronto, Calgary and Ottawa).
The second option, though, could be somewhat tricky given the tough sell Argos football has been in Toronto. The franchise averaged a league-low 12,491 spectators in 2019, the last time games were played, and that figure was more than 10,000 spectators under the league's average (22,917).

There's no questioning the depth of MLSE's pockets — its estimated value reportedly exceeds $1 billion — but the company is not in the business of losing money. And for the second option to happen, there'd have to be a willing purchaser which under the current circumstances may be hard to find. Any sale of the Argos would likely have to carry the caveat of a favourable lease at BMO Field to help offset the franchise's losses. Although the City of Toronto owns the facility, MLSE manages it. But the question remains: if MSLE can't sell the Argos in time for the 2022 CFL season, will the Toronto franchise operate north of the border? And if it does not, what impact will that have on the league? ...

There've been suggestions the CFL change its business model to adopt revenue-sharing to help struggling franchises. However, the bigger question remains just how much money is available to split up, especially during a pandemic and at a time when no club took in any revenue in 2020 because the league didn't play. The CFL's three community-based teams lost a combined $21.5 million in 2020.

The three franchises traditionally posted annual profits prior to the pandemic. Some league officials are quick to suggest the CFL already operates with a form of revenue sharing in that the nine teams split up equally the money generated from the broadcast agreement with TSN.
https://www.cbc.ca/sports/football/cfl/long-term-future-of-toronto-argonauts-a-question-that-s-facing-cfl-1.6095382