Historic Stampede Ranch once owned by Guy Weadick facing receivership application hearing
CBC
Southern Alberta’s historic Stampede Ranch is facing a receivership application hearing which could determine the fate of the property.
The picturesque Stampede Ranch is a 135-year-old cattle ranch once run by Calgary Stampede founder Guy Weadick. The property, spanning nearly 190 acres, includes agricultural land, event operations, and livestock.
The current operators of the ranch, located about 20 kilometres southwest of Longview, Alta., are subject of a lawsuit aimed at recouping a $4.4-million debt.
Farm Lending Canada Inc. is suing The Stampede Ranch Ltd., Karl Farms Inc., Karl AG Corp. and Bryce Karl.
Bryce Karl is a director of Stampede Ranch and Karl AG, which owns 100 per cent of the voting shares of Stampede Ranch, according to corporate registries.
The Stampede Ranch is not the Calgary Stampede Ranch, a 22,000-acre property near Hanna, Alta., established in 1961 for the purpose of breeding and raising rodeo-competing horses and bulls.
A receiver application hearing was supposed to take place on Nov. 2 but was adjourned to Dec. 2.
According to representatives for Stampede Ranch, the operators are working with a new mortgage lender in hopes of having financing in place this week in order to pay out Farm Lending, which initiated the receivership application.
If that goes as planned, they say the receivership application hearing will be discontinued.
"Our focus remains on a constructive resolution that supports the continued operation and stewardship of the ranch in accordance with Foothills County’s land use bylaws," reads a statement provided to CBC News.
A lawyer for Farm Lending told CBC News in an email that refinancing efforts are underway and he believes the matter will be resolved.
Court documents filed ahead of the receivership application hearing show that Karl Farms, with Stampede Ranch, borrowed $5 million from Farm Lending in 2024.
But Farm Lending says in the documents that it wasn’t aware of Bryce Karl’s history with the Alberta Energy Regulator when it entered into the September 2024 loan agreement.
In 2015, Karl, who owned several oil and gas companies, was sanctioned by the AER under the Oil and Gas Conservation Act for violating 18 of its orders.
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