Winnipeg Football Club Posts Operating Profit of $2.1 Million in 2021
Published on July 20, 2022 under Canadian Football League (CFL)
Winnipeg Blue Bombers News Release
WINNIPEG, MB. - The Winnipeg Football Club today released its 2021 Non-Consolidated Financial Statements, announcing an overall operating profit of $2.1 million.
"We are pleased with our overall financial results for 2021," said President & CEO Wade Miller. "It is a testament to the continued support of our season ticket members, corporate partners, and fans. The COVID-19 pandemic and the related restrictions that were implemented in 2020 had a detrimental impact on the Club. With the support of our community, the Club was able to weather this storm, get back on the field to defend our Grey Cup Championship and become Back-to-Back Grey Cup Champions for our incredible fans."
Revenue totalled $32.8 million in 2021, as the Club recorded $2.4 million in revenue from hosting the 2021 Western Final. "Our revenue for the year is at 90% of total revenue in 2019. That is astonishing to be so close to pre-pandemic revenues, even with the reduction to the CFL schedule."
Total operation expenses came in at $30.7 million in 2021, as the Club incurred $886 thousand in expenses related to COVID-19. "Our entire staff did an amazing job in 2021 as we navigated through strict COVID measures and hosted eight Blue Bomber home games at full capacity with our COVID 19 restart plan that addressed the safety of our players, officials, staff and fans. We look forward to another strong year on and off the field in 2022," said Miller.
During the year, the Club entered into a new agreement with the Government of Manitoba and Triple B Stadium Inc. whereby a Capital Fund has been established with an initial contribution from the Government of Manitoba of $10.2 million. On an annual basis the Club will make allocations into the fund. The 2021 allocation was $576 thousand. In addition, the Club was entitled to a recovery of the 2019 annual excess cash payment of $2.2 million from Triple B, to be used for stadium operations expenses that were incurred during the pandemic. The Club also accessed government programs to assist with the impact of COVID-19 on the Club's operations and received government assistance totalling $3.2 million from the various programs available to organizations that experienced significant revenue declines.
The Club recorded an impairment loss on the loan receivable from Valour FC Inc. of $1.3 million as the Canadian Premier League team's estimated future cash flows are 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.
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