UPDATE: Farm Lending Canada has taken a step back from its legal pursuit against Stampede Ranch, signaling an end to the threat of receivership for the historical Southern Alberta property. The decision was made following an agreement between the involved parties.
Stampede Ranch, a scenic 135-year-old cattle ranch once managed by Calgary Stampede’s founder Guy Weadick, is currently embroiled in a receivership application process that could influence its future. The expansive property, spanning close to 190 acres, encompasses agricultural land, event facilities, and livestock operations.
The present operators of Stampede Ranch, situated approximately 20 kilometers southwest of Longview, Alberta, are the target of a legal action seeking to recover a $4.4 million debt by Farm Lending Canada Inc. The lawsuit names The Stampede Ranch Ltd., Karl Farms Inc., Karl AG Corp., and Bryce Karl as defendants.
Bryce Karl, a director of Stampede Ranch and Karl AG, holds full ownership of Stampede Ranch’s voting shares as per corporate records. It is important to note that Stampede Ranch is distinct from Calgary Stampede Ranch, a sprawling 22,000-acre property near Hanna, Alberta, established in 1961 for breeding and raising rodeo animals.
Originally scheduled for November 2, the receiver application hearing was postponed to December 2. Representatives of Stampede Ranch have informed that they are collaborating with a new mortgage lender to secure financing promptly to settle the debt owed to Farm Lending, the initiator of the receivership application. Successful financing arrangements would lead to the discontinuation of the receivership application hearing.
In a statement provided to CBC News, Stampede Ranch emphasized its commitment to a constructive resolution that aligns with Foothills County’s land use regulations. Meanwhile, Farm Lending’s legal counsel expressed optimism regarding ongoing refinancing efforts to address the matter.
Documents submitted in advance of the receivership application hearing reveal that Karl Farms, in conjunction with Stampede Ranch, borrowed $5 million from Farm Lending in 2024. Farm Lending expressed concerns in the court filings about Bryce Karl’s past sanctions by the Alberta Energy Regulator in 2015 for multiple violations under the Oil and Gas Conservation Act.
The court documents further highlight Farm Lending’s reservations about Karl’s compliance history and previous attempts by Karl to secure alternative financing arrangements using potentially illegitimate means. Despite entering into standstill agreements with the defendants to facilitate debt repayment, Farm Lending asserts that the indebtedness remains outstanding.
The $5 million loan reached its maturity date on June 1, 2025, prompting Farm Lending to seek the appointment of a receiver to address the outstanding debt. Legal experts, including University of Calgary law professor Jassmine Girgis, noted the complexity of managing Stampede Ranch’s diverse operations in the event of receivership.
Stampede Ranch, renowned for its rich history and versatile usage over the years, faces a pivotal court date on December 2 as the parties navigate the legal proceedings leading up to the hearing.