In their 75th anniversary season, the Edmonton Elks have shifted from community to private ownership.

The new owner, heavy-construction magnate Larry Thompson, was introduced at Commonwealth Stadium on Thursday.

What isn't clear are Thompson's plans for the team name or if the club will remain at the 56,400 seat stadium.

Rumours have circulated that Thompson is keen on changing the team's name back to "Eskimos". The CFL franchise adopted the Elks name in 2021.

"I don't think that's a question for today," Thompson said when asked about the team's brand.

"Today, I just want to be a fun, celebrative day for everybody, the fans, the city of Edmonton, the Elks club.

"I will be focusing in the future on 'Double E' more."

CFL Commissioner Randy Ambrosie said the team's strongest brand is the Double-E logo, no matter what the name of the team. It was changed after pressure from sponsors and Indigenous groups.

It came at a time when Cleveland's Major League Baseball franchise and Washington's National Football League team dropped their long-standing racially charged names.

"First and foremost, the brand I feel the most strongly about, and I think I speak for the alumni too, is the Double E," Ambrosie said. "I think the Double E is a big part of Larry's plan going forward. So I think largely that's what will be the identity of this organization. Frankly, I'm very comfortable with that.

"Have we talked about it? We did, as part of getting to know one another, and the one thing Larry and I were very quick to agree on, we didn't disagree on anything, we agreed that the 'Double E' is the brand that matters the most."

Interest in the team has steadily dropped even before COVID-19 shut down the 2020 CFL season.

The team closed the upper bowl of Commonwealth this season, but even with that, the lower bowl is often more than half empty. It's a long way from the 1970s and '80s, when a football ticket was a hot item. The team has won 14 Grey Cups, including five straight from 1978 to 1982.

Thompson is a longtime first-row season-ticket holder. He said he attended his first CFL game back in 1972.

"I've been watching since I've been 12 years old," he said. "The first game I went to, I fell in love with the team, and I've been watching them all my life."

The Elks haven't been to the post-season since 2019, and have not played a home playoff game since 2015.

The team is 2-7 this year, but has won its last two.

"That's very simple," Thompson said when asked about what it will take to bring fans back. "We need to bring back our winning ways."

The stadium is also an issue. It is almost 50 years old, and was not good enough to make the cut to host games for the 2026 FIFA World Cup.

Thompson said he met with Edmonton Mayor Amarjeet Sohi on Wednesday to discuss options, whether it's a "major revamp" of Commonwealth, or if it's time for the team to think about a new home.

"It could be an entirely new facility," he said.

Thompson sold his construction company, Thompson Construction Group, in 2023. It had 1,500 employees when the deal was made. He said that sale provided him the opportunity to pursue the Elks.

The sale price is "confidential," but interim chief executive officer and president Rick LeLacheur confirmed that it includes all assets the club holds.

Last fall, the team created a special committee charged with heading up a search team for a private owner.

Thompson said LeLacheur will remain until a new president is found, and that the search is ongoing.

"To move away from 75 years of community ownership was not taken lightly," said LeLacheur. "The special committee and the board had a list of priorities for who they were looking for in the future of this club. They wanted to ensure we'd continue with a sense of community going forward.

"There's no doubt that Larry's more comfortable on a road-building project, or working on his hobby with his antique cars and motorcycles, or actually sitting here as a fan in row one. But now he's the owner of a CFL franchise."