Historic Stampede Ranch no longer under threat of receivership after discontinuance filed in court

Southern Alberta’s historic Stampede Ranch is no longer under threat of receivership after a discontinuance was filed at court this week by the investment firm which launched the court action in late October.

The discontinuance of claim terminates Farm Lending Canada’s court action "pursuant to an agreement between the parties."

The 135-year-old Stampede Ranch ranch was once run by Calgary Stampede founder Guy Weadick. The property, spanning nearly 190 acres, includes agricultural land, event operations, and livestock and is owned by Bryce Karl and his family.

“We are proud to have secured new financing for this historic property and to have reached a collaborative resolution that positions all parties for success,” said Karl in a written statement provided to CBC News.

The current operators of the ranch, located about 20 kilometres southwest of Longview, Alta., were sued by Farm Lending after the company alleged the operators defaulted on a $5-million loan.

But this week, the parties reached an out-of-court agreement on a without costs basis.

Details of that agreement were not made public.

In November, both parties told CBC News that they were working with a new mortgage lender on getting financing in place in order to pay out Farm Lending.

Court documents filed back in October show that Karl Farms, with Stampede Ranch, borrowed $5 million from Farm Lending in 2024.

Farm Lending alleged it tried to call in the loan shortly after the agreement was signed. According to the receivership application documents, there were several unsuccessful attempts to secure an alternative funding arrangement.

The $5-million loan reached maturity on June 1, 2025 and the debtors were considered in default, according to Farm Lending’s filing which led the Ontario-based lender to seek the appointment of a receiver.

A receivership application hearing had been set for early December, but was adjourned as lawyers for both sides continued to work out the details of the agreement.

Karl says now with the new funding in place, he is “embarking on an ambitious vision to reinvigorate the Stampede Ranch” in order to honour its legacy.

“We have an exciting plan of new developments that we are starting construction on and will be completed by 2027 that will host weddings, rodeos, and concerts,” said Karl. “We truly believe the best days are ahead for the Stampede Ranch.”

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 lawyer for Farm Lending declined to comment.