Winnipeg Football Club Posts Operating Profit of $4.9 Million in 2022

[ModAdmin]

Winnipeg Football Club Posts Operating Profit of $4.9 Million in 2022

WINNIPEG, MB., April 13, 2023 - The Winnipeg Football Club today released its 2022 annual report, announcing an overall operating profit of $4.9 million.

"We are extremely proud of our overall financial results for 2022," said Winnipeg Football Club President & CEO, Wade Miller. "These results are a testament to the unwavering support of our season ticket members, corporate partners, and fans."

Revenue totalled $45.4 million in 2022, an increase of $12.5 million over 2021, a result of playing a full football season as opposed to the shortened season of seven regular season home games in 2021. Ranking first in the league in 2022 attendance, the Club achieved strong gate receipts of $13.8 million.

"We attribute these strong ticket sales to our season ticket members and fans. We had five home games where attendance surpassed 30,000 fans in 2022, matching the record set in 2013, which was the inaugural season at IG Field," said Miller.

Total operating expenses came in at $40.5 million, an increase of $9.8 million over 2021. This increase was also attributable to playing a full regular football season last year. While the Club continues to invest in its on-field product, overall football operations expenses totalled $13.3 million last year.

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 $2.9 million to the capital fund and $1 million to the Club's operating reserve, for total allocations of $3.9 million during the year. The Club closed out the year with a capital fund balance of $11.5 million and an operating reserve balance of $5.6 million at December 31, 2022.

"Our strong financial results allowed the Club to make these allocations and build our reserves for future years to invest back into our stadium," said Miller.

The Club recorded an impairment loss on the loan receivable from Valour FC Inc. of $950,000 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 continue to play an important role in the success of our Club, both on and off the field", said Miller.

https://www.bluebombers.com/2023/04/13/weve-created-a-great-experience-for-fans-wfc-posts-operating-profit-of-4-9-million-in-2022/

[blue_gold_84]

Excellent news!

[Lincoln Locomotive]

one of the more successful franchises since Miller took over.....

[GOLDMEMBER]

Good news?

[blue_or_die]

Fabulous news.

This whole org is an absolute class act on and off the field. Exceptional management at all levels.

I'd like to look at this in detail out of interest at some point, but for anyone who has, does this profit also include the amortization (servicing stadium loan) expense? If so, and between that and solid contributions to reserves, that's pretty incredible.

[the paw]

Fabulous news.

This whole org is an absolute class act on and off the field. Exceptional management at all levels.

I'd like to look at this in detail out of interest at some point, but for anyone who has, does this profit also include the amortization (servicing stadium loan) expense? If so, and between that and solid contributions to reserves, that's pretty incredible.

I haven't seen the detail for this year, but I am pretty sure the $2.9 m capital reserve contribution and the $1 m operating reserve contribution are in lieu of stadium loan payments.  I think the government realized the debt repayment as originally structured was not realistic, so the idea is to create a capital reserve fund that can cover future repairs and upgrades.

[pjrocksmb]

Hope we do better this year.  Great news but crowds can be bigger yet! Come on Winnipeg, best value in town and the team is the best it's been for decades!!!!

[DM83]

Way to go!

[TecnoGenius]

The Club recorded an impairment loss on the loan receivable from Valour FC Inc. of $950,000 as the Canadian Premier League team's estimated future cash flows continue to be uncertain.

Flush it.  So WFC profit would have been ~25% higher if they weren't subsidizing Valour?

Also, do those numbers include the "equalization payments" our "have" team now has to pay to lame teams like TOR?

[ModAdmin]

Here is the 2022 Annual Report including the 2022 Financial Statements...

https://d3ham790trbkqy.cloudfront.net/wp-content/uploads/sites/6/2023/04/2022WinnipegBlueBombersAnnualReport.pdf

[TecnoGenius]

Read the financials and Valour doesn't look good.  About twice as bad this year as last... and that's saying something since '21 was a pandemic "down" year.

The CFL equalization seems to mean a reduced amount disbursed to WFC compared to what another team might get?  They said CFL hasn't figure the final $ out yet so who knows how that will end up.  I would hope the league would publish how much is taken/given to each team.  With the WFC financials alone it's not obvious what the final effect is.