David Braley is in a bit of a quandary.

He's not sure what he should wear when the Toronto Argonauts and B.C. Lions -- the two CFL teams Braley owns -- square off Friday night at Rogers Centre (TSN, 7:30 p.m. ET) in a game being dubbed the Braley Bowl.

"We're speculating whether I should wear something like a white golf shirt," Braley mused, "or should I get dressed up in (Hamilton) Tiger-Cats colours?"

Donning Ticats colours would certainly raise eyebrows considering Hamilton is Toronto's arch rival, something Braley, the owner and president of auto parts manufacturer Orlick Industries Limited in Steeltown, knows only too well from his days as Hamilton's owner in the late 1980s and early '90s.

But while the contest is just the fourth of the season for B.C. (1-2) and Toronto (2-1), it will have definite historical significance. It marks the first time in CFL history two teams with the same owner have met.

And Braley, a Montreal native raised in Hamilton and recently named to the Senate, will celebrate by splitting his time in both the Toronto and B.C ownership boxes at Rogers Centre.

"I'll be moving back and forth between them," he said. "Obviously we have sponsors and different people joining us and part of the job of the owner is to say hello and do a little shmoozing. It's business as usual.

"I love football so I'm going to enjoy the football game and I'm going to enjoy good plays whether they're made by one team or the other. I just like good football so I can enjoy watching the game and not concern myself too much emotionally about rooting for one or the other. I'll root for them both."

Braley, who became Lions owner in January 1997, purchased the Argos in the off-season from Toronto businessmen Howard Sokolowski and David Cynamon. The move wasn't overly surprising, given Braley helped Sokolowski and Cynamon out of bankruptcy in a secret deal six years ago.

But the CFL did amend its constitution so commissioner Mark Cohon would have to be informed of any financial transactions made between owners, thus creating transparency. And at the time, Cohon made it clear his mandate is to do what's in the best interests of the CFL as a whole.

Braley has always maintained the two organizations would operate independent of one other. Maintaining the integrity of the game would remain paramount.

Braley took over an Argos franchise that averaged more than 26,000 spectators last year despite a league-worst 3-15 record to miss the CFL playoffs for the second straight season. And while Toronto is tied with Montreal atop the East Division, it only drew just over 20,000 for its home-opening 27-24 win over Calgary last week.

But Braley will find himself in a very unique position Friday night.

"No matter what happens I'm a winner and no matter what happens, I'm a loser," Braley said. "I never get too high with victories or too low with losses. You just can't because you're going to have a lot of them over the 15 years I've owned the Lions and before that the Tiger-Cats and now the Argonauts."

While the optics of one person having a 25 per cent ownership stake in the league would appear awkward, the league's constitution does allow multiple ownership. The CFL is also the same league that for decades had two teams called Roughriders, although the spelling of the two (Ottawa Rough Riders and Saskatchewan Roughriders) differed.

But Cohon said Braley's ownership of the Argos is crucial to the league.

"David Braley is the right owner to ensure the success of the Toronto Argonauts, which is vitally important to the strength of our league," said the commissioner. "His track record in Vancouver is proof of that and so is his longstanding dedication to the CFL."

Lions coach/GM Wally Buono said Braley's ownership of both teams was motivated by his passion for the CFL.

"The issue is the integrity of the man, the way he does business and what the objectives are," Buono said. "In my mind that never has been a question. There is no CFL without Mr. Braley.

"He's buying one (team) because that is the best thing for the CFL. It puts no burden on the CFL office and the rest of the league."

Braley, 69, isn't keen on the Braley Bowl moniker for Friday's game.

"It doesn't seem like an appropriate title to me because it's a football game," he said. "But if that's what they wish to call it, that's fine.

"It's part of the schedule and both teams have to play good football because they have to sell the game back in their respective communities."

Braley has certainly given plenty back to his community. He has donated millions to a variety of institutions, including McMaster and the Art Gallery of Hamilton.

Buono said in the 1990s when teams got into financial trouble, the league had to bail them out, which put pressure and financial strain on the well-managed franchises.

"Thank God, David did buy the B.C. Lions in 1997 and thank God he bought the Toronto Argonauts in 2010," Buono said.

Buono said Braley, wanting to be impartial, has not contacted him this week.

"Knowing David, he is going to go there (to the game), he is going to be neutral," Buono said. "He is going to feel good for the team that wins and is going to have compassion for the team that loses.

"Our job is to beat the Toronto Argonauts."

Buono has no trouble with one man owning two teams in an eight-team league.

"How about if Mr. Braley owned all eight teams?" shrugged Buono. "Would it make a difference?

"When the XFL went on, one person (WWE chairman and CEO Vince McMahon) owned all the teams."

Football has long been a part of Braley's life.

He grew up in Hamilton as a Ticats fan and played the game both in high school and at McMaster University. His mother was a longtime Hamilton supporter, with Braley saying she missed just four games from 1950 until her death in 2003.

Braley became the Tiger-Cats owner in 1989, purchasing the franchise from Harold Ballard before handing over the club to a group of community representatives led by chairman Roger Yachetti in July 1992. Braley returned to the CFL ownership ranks in 1997 when he purchased a Lions franchise that was struggling with just over 3,000 season tickets.

Now, B.C. has a season-ticket base approaching 20,000 and in 2011 will play at a renovated B.C. Place that will feature a retractable roof and host the Grey Cup.

With Toronto staging the 2012 CFL championship, Braley's two teams are poised to enjoy profitability as hosting the Grey Cup can net a franchise a profit of between $3.5 million and $5 million.

But Braley, who remains Ticats season-ticket holder, says for the CFL to prosper the Argos must be a strong and viable franchise.

"The critical thing here is to try and do what we did in Vancouver," Braley said. "They told me it couldn't be done and the challenge now is to try and make the Toronto Argonauts a significantly relevant sports and entertainment entity in the Toronto market.

"If we can do that we can strengthen the entire CFL and by strengthening the entire CFL it will also strengthen things in Hamilton, strengthen our sponsorship, strengthen our television, all the things that matter in the key market. I believe it can be done. Having the Grey Cup here in 2012 will just enhance that and shorten the time frame to where instead of five, six or seven years maybe it will bring it down to three or four.

"The key thing is the Argos are a very very critical piece of the puzzle for the CFL and southern Ontario just like the Hamilton Tiger-Cats. We've got to establish their presence so there is no question what's going on here."