The Stallions were disbanded at the same time as the Alouettes' re-establishment after having been the most successful of the CFL's American expansion franchises, culminating in a Grey Cup championship in 1995.

Later that year the Alouettes were acquired by Crawford Steel executives Sid Spiegel and his son-in-law Gary Stern (through their subsidiary S and S Sportsco), who took over the team on January 6, 2020.

In February 2023, the ownership was passed back to the league,[6] which subsequently agreed to sell the team to Quebec media mogul and former Parti Québécois leader Pierre Karl Péladeau in March of that year.

The Alouettes were first formed in 1946 by Canadian Football Hall of Famer Lew Hayman along with stockbroker Eric Cradock and former Montreal Canadiens part-owner Léo Dandurand.

The 1950s were a productive decade for the Als, with quarterback Sam Etcheverry throwing passes to John "Red" O'Quinn, "Prince" Hal Patterson, and with Pat Abbruzzi carrying the ball, Montreal fielded the most dangerous offence in all Canadian football.

From 1954 to 1956, they reached the Grey Cup in three consecutive seasons, but questionable defensive units led the Alouettes to defeat versus the Edmonton Eskimos each time.

To be more specific, the team was shaken by an announcement on November 10 – namely the trade of Hal Patterson and Sam Etcheverry to the Hamilton Tiger-Cats for Bernie Faloney and Don Paquette.

The stadium's less-than-desirable location on Montreal's waterfront near the Victoria Bridge led to dismal attendance, putting more strain on the team's finances.

Led by quarterback Sonny Wade (who was named the game's most valuable player, and who would soon become a fan favourite in Montreal—not unlike the status his coach had enjoyed in the 1950s), halfback Moses Denson, receivers Gary Lefebvre and Tom Pullen, along with kicker George Springate, the team defeated the Calgary Stampeders 23–10 for the city's first Grey Cup since 1949, also against the Stamps.

The flamboyant Skalbania set about signing two first-round picks from the 1981 National Football League draft and NFL name players such as Vince Ferragamo, James Scott, David Overstreet, Keith Gary and Billy "White Shoes" Johnson.

While holding both the option and the post, Allen was surprised by Skalbania arranging a sale of the same controlling stake to Harry Ornest, who would later own the St. Louis Blues and the Toronto Argonauts.

Bronfman had made it clear to league officials that he would not deal with Skalbania, but would be willing to establish a replacement franchise on short notice if the Alouettes ceased operations.

The club also featured star collegiate running back David Overstreet (a holdover from the 1981 Alouettes) who rushed for 190 yards in six games before ending his season on the injured reserve list.

Other stars on the club included quarterback Johnny Evans, quarterback Turner Gill, slot back Nick Arakgi, running back Lester Brown, wide receiver Brian DeRoo, local kick returner Denny Ferdinand, defensive tackle Glen Weir, safety Preston Young, defensive end Gordon Judges, kicker-punter Don Sweet, and linebacker William Hampton.

While still well below .500, the East Division was so weak that year (only the eventual Grey Cup champion Argos finished with a winning record) that the Concordes were still in playoff contention on the season's final weekend.

Since overtime would not be introduced in the CFL regular season until 1986, the Tiger-Cats won the final Eastern playoff berth on account of a better head-to-head record (having beaten the Concordes earlier in the year).

After quietly coming to terms with Skalbania, in 1986 the team attempted to embrace its predecessor's history and regenerate flagging fan interest by rebranding itself the "new" Montreal Alouettes.

On the field, the team posted a 4–14 record, missing the playoffs in spite of once again finishing third in the East on account of the new "cross-over rule" the CFL had implemented for the 1986 season.

Bronfman's overall situation was not helped by the then-emerging news that his other professional sports team, the Expos, were at the centre of a massive collusion scandal that was rocking Major League Baseball.

The Stallions were by far the most successful of the CFL's American teams, garnering strong fan support in the Baltimore area and appearing in the Grey Cup in both its seasons, losing in 1994 and winning in 1995.

Only a week before the Stallions won the Grey Cup, Cleveland Browns owner Art Modell announced his intention to relocate his NFL club to Baltimore.

With no reasonable prospect of successfully competing with an NFL team, and unwilling to have his club effectively reduced to "minor-league" status in Baltimore, Speros decided to move the Stallions elsewhere.

The fortunes for the Alouettes started to change during the 1998 season, when they acquired a young free agent quarterback from the Hamilton Tiger-Cats, Anthony Calvillo, and they drafted slotback Ben Cahoon.

Tracy Ham and Mike Pringle led the team to a second-place finish, but they suffered a last-second loss to the Hamilton Tiger-Cats in the East Final.

They came all the way back in 2002, finishing with the best record (13–5) in the CFL and winning their first Grey Cup since 1977, by defeating one of their oldest rivals, and Matthews' former team, the Edmonton Eskimos, 25–16.

During the 2004–2005 off-season, all time CFL career rushing yards leader Mike Pringle signed a one-day contract, so he could retire as a member of the Montreal Alouettes.

NFL greats Warren Moon and Dan Marino, ESPN's Chris Berman, and Damon Allen each sent video messages congratulating him on breaking the record.

[29] Several prospective suitors for the team included Clifford Starke, a 35-year-old entrepreneur in medical cannabis who is friends with former Alouette player and CFL commissioner Larry Smith, who had been negotiating for a majority stake.

On January 6, 2020, after almost a year of being owned by the league, the Alouettes found new ownership in Crawford Steel's Sid Spiegel and his son-in-law[36] Gary Stern, whose holding company S and S Sportsco would oversee the team.

[38] On August 29, 2022 Gary Stern announced that he was stepping away from day-to-day operations with the club and resigning from his role with the Canadian Football League's board of governors, effective immediately.