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Author Topic: Winnipeg Football Club Posts Operating Profit of $2.6 Million in 2018  (Read 4798 times)
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« on: April 16, 2019, 01:28:55 PM »

Winnipeg Football Club Posts Operating Profit of $2.6 Million in 2018

WINNIPEG, MB., April 16, 2019 - The Winnipeg Football Club today released its 2018 annual report and announced an overall operating profit of $2.6 million.

"We are pleased with our overall financial results for 2018," said Winnipeg Football Club President & CEO, Wade Miller. "These results are a testament to the strong support from our fans, season ticket members, and corporate partners. Our team should be proud of our financial results."

Total operating profit was down from 2017 as Investors Group Field saw a much quieter year in 2018 with no concerts or other major events other than the Manitoba Marathon.

Total operating revenue reached $33.4 million (an increase of $970,000 over 2017) and is attributable to the Club's decision to internalize food and beverage operations at Investors Group Field in 2018, thus not only improving the game day experience but also earning 100% of the revenues, less the associated expenses. This was offset by decreases in game revenue which was down $1.4 million (10.5%) as the Club did not host a home playoff game in 2018, and stadium management revenue which was down $1.8M in comparison to 2017.   

Operating expenses totaled $30.8 million, an increase of $3.4 million over 2017. While the Club continues to invest in its on-field product, overall football operations expenses increased in 2018 by $470,000 as a result of the Club's success in playing in both the Western Semi-Final and Western Final playoff games. There were expected increases in expenditures in marketing, administration and game day expenses associated with bringing food and beverage into the Club's internal operations. There was also a decrease in overall stadium occupancy costs of $830,000 as a result of fewer non-football events at Investors Group Field.

Consistent with prior years and since the Club moved to Investors Group Field in 2013, the Club alone continues to fund the public transportation program for transit and park and ride services to and from Investors Group Field. The Club has operated the public transportation program since 2013 and has paid for all expenditures related to the program, totalling over $4.6 million. In 2017, Triple B Stadium Inc. formally acknowledged their legal obligation to fund a portion of the public transportation program, retroactive to 2013 and onward. The Club will continue its efforts to recover the payments due from Triple B.

The Club recorded a payment to Triple B of $2.7 million based on the Club's available Excess Cash at December 31, 2018, as defined in and required by the Club's Management Agreement with Triple B. This is the fifth scheduled annual payment the Club has made to Triple B, fulfilling the Club's ongoing obligations. Payments will continue over the next four decades based on the Club's Management Agreement with Triple B that requires the Club to use its best efforts to generate sufficient Excess Cash through the collection of entertainment tax and facility fees to be applied to the annual payments. "Meeting our financial obligations continues to be one of the top priorities of the Winnipeg Football Club." said Miller.
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Sir Blue and Gold
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« Reply #1 on: April 16, 2019, 02:31:54 PM »

Sounds good but it wasn't really a great year financially. The $2.6M is before a $2.7M payment for the stadium which means they had to dip into a reserve fund for the remaining $100,000.
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The Zipp
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« Reply #2 on: April 16, 2019, 02:35:34 PM »

Need more traffic like concerts etc into IGF...the transportation costs is a killer too...

A home playoff game is good too
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GCn19
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« Reply #3 on: April 16, 2019, 02:44:48 PM »

Pretty solid year. Not spectacular but not bad either.
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theaardvark
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« Reply #4 on: April 16, 2019, 03:20:00 PM »

So, does hosting an NFL preseason game make sense?
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GCn19
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« Reply #5 on: April 16, 2019, 03:21:00 PM »

So, does hosting an NFL preseason game make sense?


Not sure what difference last year's profit margin has to do with that?
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Sir Blue and Gold
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« Reply #6 on: April 16, 2019, 03:22:44 PM »

So, does hosting an NFL preseason game make sense?


Of course it would? Hosting any event that draws big crowds "makes sense".
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theaardvark
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« Reply #7 on: April 16, 2019, 03:48:24 PM »

Not sure what difference last year's profit margin has to do with that?

We hosted Womens Soccer in 2017... Outdoor Classic in 2016...  we had a home playoff game in 2018...  need to find something for 2019
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« Reply #8 on: April 16, 2019, 03:49:25 PM »

We hosted Womens Soccer in 2017... Outdoor Classic in 2016...  we had a home playoff game in 2018...  need to find something for 2019

No, we didn't.
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Stretch
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« Reply #9 on: April 16, 2019, 03:55:46 PM »

We hosted Womens Soccer in 2017
And that was 2015. Can't recall what there might have been in 2017.
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theaardvark
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« Reply #10 on: April 16, 2019, 03:58:27 PM »

No, we didn't.

Ok, we didn't.  I wanted to, though, so it counts Wink
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the paw
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« Reply #11 on: April 16, 2019, 04:09:47 PM »

Sounds good but it wasn't really a great year financially. The $2.6M is before a $2.7M payment for the stadium which means they had to dip into a reserve fund for the remaining $100,000.

They made the $2.7 million payment on Dec 31st, which suggests it was based on the Excess Cash estimate at that point in time.  No doubt, after the final accounting adjustments are made as part of the audit, the operating profit shrank to $2.6 million.  It's not really a significant difference in the big picture. 

in 2017, they made a $3.5 million Excess Cash payment, and still managed to bank $1.5 million in profit.  These things are going to ebb and flow a little. 
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GCn19
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« Reply #12 on: April 16, 2019, 04:32:59 PM »

They made the $2.7 million payment on Dec 31st, which suggests it was based on the Excess Cash estimate at that point in time.  No doubt, after the final accounting adjustments are made as part of the audit, the operating profit shrank to $2.6 million.  It's not really a significant difference in the big picture. 

in 2017, they made a $3.5 million Excess Cash payment, and still managed to bank $1.5 million in profit.  These things are going to ebb and flow a little. 

I am satisfied whenever we are not bleeding red ink. This is an acceptable outcome for what was really a challenging year attendance wise.
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blue_or_die
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« Reply #13 on: April 16, 2019, 04:42:56 PM »

Great news!
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Fire101
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« Reply #14 on: April 16, 2019, 05:11:34 PM »

Surprised that playing in the West Semi and West Final cost $470 000. O'Shea and his boys have to find a way to secure a home playoff date this year.
And based on those numbers the league will never go to a 1-6 format, it will always be East vs West. If those Eastern division teams can't host a playoff game then they will never make money.

I wonder if/by how much the new soccer team can help the bottom line.
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