WFC posts operating profit of $5.7M for 2023

[blue_gold_84]

https://www.tsn.ca/cfl/winnipeg-blue-bombers-post-2023-operating-profit-of-5-7-million-1.2102935

WINNIPEG — It was another strong season off the field for the Winnipeg Blue Bombers.

The CFL club announced it posted a net operating profit of $5.7 million in 2023, a season that saw Winnipeg (14-4) finish atop the West Division for a third straight year.

The community-owned franchise also made a fourth straight Grey Cup appearance, dropping a 28-24 decision to the Montreal Alouettes at Tim Hortons Field in Hamilton.

Winnipeg announced its 2023 profit Thursday upon releasing its annual report.

Revenue totalled $50.5 million in 2023, up $5.1 million (11.2 per cent) over 2022.

The club's gate receipts increased to $15.1 million (9.6 per cent ahead of last year) while game-day, merchandise and concessions revenue hit $11.5 million, (10.5 per cent increase).

[blue_or_die]

Club continues to be a pillar of success in the league and has the blueprint for success on & off the field.

Happy to see their books doing well during the feast years, and I'm sure we've got a healthy reserve for inevitable future lean years.

[ModAdmin]

Winnipeg Football Club Posts Operating Profit of $5.7 Million in 2023


WINNIPEG, MB., April 11, 2024 - The Winnipeg Football Club today released its 2023 annual report, announcing an overall operating profit of $5.7 million.

"Financially, 2023 was another very strong year for the Winnipeg Football Club," said President & CEO Wade Miller. "Credit goes to our season ticket members, corporate partners and fans for the crucial role they play in the success of our Club, both on and off the field."

Revenue totalled $50.5 million in 2023, an increase of $5.1 million (11.2%) over 2022. This increase is attributable to record high revenue levels for gate receipts, game day, merchandise and concessions, and Winnipeg Football Club revenues. Gate receipts soared to $15.1 million which is an increase of $1.3 million (9.6%) over last year while game day, merchandise and concessions revenue hit $11.5 million, an increase of $1.1 million (10.5%) over 2022 results. "We attribute these numbers to our season ticket members and fans as we finished the season with five straight sellout crowds and led the league in attendance for the second consecutive year," said Miller.

In 2021, the Club entered into a new agreement with the Government of Manitoba and Triple B Stadium Inc. whereby a Capital Fund was established. The Club made annual allocations of $5 million to the Capital Fund and $1 million to Club's Operating Reserve, for total allocations of $6 million during the year. The Club closed out the year with a Capital Fund balance of $9.6 million and an Operating Reserve balance of $6.6 million at December 31, 2023. "Our strong financial results allowed the Club to make these allocations and build our reserves for future years to invest in our stadium. 2023 saw the beginning of the replacement of the stadium turf which will be installed in time for the 2024 season. We will use the Capital Fund for future capital improvements at the stadium as part of our commitment to have the best stadium in the CFL to provide the best fan experience," said Miller.

The Club recorded an impairment loss on the loan receivable from Valour FC Inc. of $1.25 million as the Canadian Premier League team's estimated future cash flows continue to be uncertain.

"The Winnipeg Football Club has a strong history of profitability. Our stakeholders from our fans to corporate partners continue to play a critical role in the success of our Club, both on and off the field", said Miller.

[TecnoGenius]

Great news!  (Except Valour... have to start wondering when they cut it loose.)

2 questions:

1. If gate is $15MM and merch/food is 11.5MM, then what on earth is making the revenue 50.5MM?  Can TV revenue really be ~23MM?  Something doesn't seem right.

2. Is there a link to see the full financial reports?  I'd love to see a real P&L, esp a FY comp.  With "community owned" status I'm pretty sure it must be public?

[LXTSN]

Great news!  (Except Valour... have to start wondering when they cut it loose.)

2 questions:

1. If gate is $15MM and merch/food is 11.5MM, then what on earth is making the revenue 50.5MM?  Can TV revenue really be ~23MM?  Something doesn't seem right.

2. Is there a link to see the full financial reports?  I'd love to see a real P&L, esp a FY comp.  With "community owned" status I'm pretty sure it must be public?

The only one I could think of that you're missing is advertising deals. Scoreboard advertisements, on field ads, logo's on the jerseys... etc.
But I'm sure the TV revenue is a lot higher than anything else.

[Sir Blue and Gold]

Great news!  (Except Valour... have to start wondering when they cut it loose.)

2 questions:

1. If gate is $15MM and merch/food is 11.5MM, then what on earth is making the revenue 50.5MM?  Can TV revenue really be ~23MM?  Something doesn't seem right.

2. Is there a link to see the full financial reports?  I'd love to see a real P&L, esp a FY comp.  With "community owned" status I'm pretty sure it must be public?

Corporate sponsorships. I do marketing/comms and spend ~$200,000 a year with the team. I'm sure they get some money from TV revenue (not sure what the split is but it's probably not that lucrative) but individual teams sell the digital ads that are overlayed on the field while watching the game which means the Bombers would get a significant cut of that money. It's kind of like a basic version of the NHL DEDs (digital enhanced dasherboards) which the Jets also sell themselves (and why it's local advertising primarily).

[theaardvark]

Looks like the Bombers have taken some income from the Jets... its amazing what winning does.

[Sir Blue and Gold]

Looks like the Bombers have taken some income from the Jets... its amazing what winning does.

Winning helps but it's not the only reason. The Bombers are infinitely easier and more friendly on the sponsorship side than TNSE has ever been. The difference is enormous.