Winnipeg Football Club Posts Operating Profit of $3.5 Million in 2019
WINNIPEG, MB. - The Winnipeg Football Club today released its 2019 annual report and announced an overall operating profit of $3.5 million.
The Club also recorded a payment to Triple B Stadium Inc. of $2.2 million based on the Club's available Excess Cash at December 31, 2019, as defined in and required by the Club's Management Agreement with Triple B. This is the sixth scheduled annual payment the Club has made to Triple B, fulfilling the Club's ongoing obligations.
"Financially, 2019 was a 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 important role they play in the success of our Club, both on and off the field. Our team should be proud of our financial results and winning the 107th Grey Cup Championship."
The Club noted an increase in revenue which is attributable to the Club's strong merchandise sales in November leading up to the 107th Grey Cup, and carrying over into December as the city celebrated its team's Grey Cup victory by purchasing 107th Grey Cup championship merchandise.
As of December 31, 2019, the Winnipeg Football Club had an Operating Reserve of $4.1 million. During the year, the Club also paid down $580,000 of debt associated with the earlier stadium project capital expenditures incurred by the Club that were required to complete and begin operating the stadium. The Club also spent $1.1 million on capital expenditures during the year.
The Winnipeg Football Club's 2020 outlook has dramatically changed as a result of the COVID-19 pandemic, resulting in the postponement of the start of the 2020 CFL season and an economic slowdown being experienced worldwide. If the season were to be shortened or cancelled, the financial effects would be severe and would result in a significant net loss for the year.
"The Club continues to monitor the situation in conjunction with the CFL and is reducing, deferring, and eliminating expenditures where possible, and at the same time exploring all possible alternate sources of revenue during these difficult times," said Miller. "The support that our season ticket members and corporate partners have shown us throughout has been overwhelming and encouraging."
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