Institutional importance is vastly over rated by those of us who have an interest in that institution being maintained, especially in as large a city as Toronto. Keeping something going because it has existed before doesn't really work in a city where the majority of us did not grow up here.
If MLG can become a Loblaws due to corporate positioning, the Argos can go away too if the real power brokers behind the CFL (Bell/TSN) care to make that decision.