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Rich

Bombers Post Operating Profit of $3.5M

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https://www.oursportscentral.com/services/releases/winnipeg-football-club-posts-operating-profit-of-3-5-million-in-2019/n-5619930

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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.

....

 

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A few more details from Friesen and the Sun

https://winnipegsun.com/sports/football/bombers-bag-3-5-million-from-grey-cup-run

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The biggest jumps in revenue came from Grey Cup merchandise sales since the team beat Hamilton for its first title since 1990, and in-stadium revenue due to hosting an NFL pre-season game.

The NFL game produced an additional $890,000 in revenue.

In total, revenue generated by the community-owned organization increased some $2.9 million, an 8.6% jump from 2018.

Expenses increased some $2 million, to $32.8 million.

Preventing the Bombers from registering an even greater profit were expenses from an all-road playoff run to the Grey Cup, an $800,000 increase from the previous year’s playoff costs, and the CFL’s temporary takeover of the Montreal Alouettes, which cost each team $660,000.

 

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51 minutes ago, SpeedFlex27 said:

So, why are the Bombers still paying for the stadium when the loan is written off? 

The Bombers have always said they would pay their debt.  They have made all their payments.

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25 minutes ago, MC said:

The Bombers have always said they would pay their debt.  They have made all their payments.

Well, the government wrote it off so put the money back in operations. That was the NDP who made that crazy payment scheme.  The Bombers didn't have a choice at the time. 

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17 hours ago, MC said:

The Bombers have always said they would pay their debt.  They have made all their payments.

Not exactly true. They have made payments each year but it doesn't cover the principal and interest. 

17 hours ago, SpeedFlex27 said:

Well, the government wrote it off so put the money back in operations. That was the NDP who made that crazy payment scheme.  The Bombers didn't have a choice at the time. 

Well, the previous gov't built a stadium that the Bombers could never possibly afford. Even in ideal times, with other sources of revenue, like concerts, the Bombers wouldn't be able to pay the full mortgage on the place and operate the stadium properly. There is no money for repairs and maintenance. 

The write-off acknowledges that Triple B (the middleman) will not be able to fully repay the debt but it doesn't absolve the Bombers of ongoing payments. They pay what they can. 

And, hopefully, they be able to put the money aside for repairs and maintenance.

 

 

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The Bombers have made their payments.  I don't know about you, but I pay the amount on my mortgage that my bank and I agreed when they gave me the money.  Whether it was a good deal for the bank is not my concern.  You may think that my bank should have agreed on a larger monthly payment.  I don't care.  I will pay what we agreed.

The Bombers have not reneged on their commitments in this regard.  

Personally I am very pleased with IGF, the pricetag and the financial agreements on all sides.  Winnipeggers have a stadium that will meet our needs for years to come.  That costs money.

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24 minutes ago, MC said:

The Bombers have made their payments.  I don't know about you, but I pay the amount on my mortgage that my bank and I agreed when they gave me the money.  Whether it was a good deal for the bank is not my concern.  You may think that my bank should have agreed on a larger monthly payment.  I don't care.  I will pay what we agreed.

The Bombers have not reneged on their commitments in this regard.  

Personally I am very pleased with IGF, the pricetag and the financial agreements on all sides.  Winnipeggers have a stadium that will meet our needs for years to come.  That costs money.

The Bombers have made payments, yes. But, they're not making the full payments that were promised by the gov't. 

The deal was not set up on a regular payment plan, like a mortgage. It was basically pay what you can.

I'm not arguing whether or not it's a good deal or not. I'm happy with the stadium and am happy it was built. The ongoing repairs and maintenance remain an issue. 

It's not on the Bombers, they've done nothing wrong. 

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6 hours ago, JCon said:

Not exactly true. They have made payments each year but it doesn't cover the principal and interest. 

Well, the previous gov't built a stadium that the Bombers could never possibly afford. Even in ideal times, with other sources of revenue, like concerts, the Bombers wouldn't be able to pay the full mortgage on the place and operate the stadium properly. There is no money for repairs and maintenance. 

The write-off acknowledges that Triple B (the middleman) will not be able to fully repay the debt but it doesn't absolve the Bombers of ongoing payments. They pay what they can. 

And, hopefully, they be able to put the money aside for repairs and maintenance.

 

 

If the Bombers pay for maintenance then that's still a good deal as I believe a stadium like IG Field would cost anywhere from half a million to a million a year to maintain. 

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15 hours ago, SpeedFlex27 said:

If the Bombers pay for maintenance then that's still a good deal as I believe a stadium like IG Field would cost anywhere from half a million to a million a year to maintain. 

Sadly, it's more. 

 

The challenge for the Bombers (Triple B, the City, the University, and ultimately the Province) is that the agreement doesn't outline who's responsible to pay for repairs and maintenance. There is no pot of money to cover it. It's going to fall to the Province. 

It would be beneficial for all if the Bombers could put their repayments into a pot of funds for repairs and maintenance. There's lots of stuff that needs to be done including, replacing the speakers around the stadium. 

I'm not sure if the Province is there yet though.

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Preventing the Bombers from registering an even greater profit were expenses from an all-road playoff run to the Grey Cup, an $800,000 increase from the previous year’s playoff costs, and the CFL’s temporary takeover of the Montreal Alouettes, which cost each team $660,000.

 

 

...It is good to know we currently own the Alouettes both on and off the field.

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5 minutes ago, Eternal optimist said:

Preventing the Bombers from registering an even greater profit were expenses from an all-road playoff run to the Grey Cup, an $800,000 increase from the previous year’s playoff costs, and the CFL’s temporary takeover of the Montreal Alouettes, which cost each team $660,000.

 

 

...It is good to know we currently own the Alouettes both on and off the field.

I like to think that our $600k was in part used to pay Khari's salary.   Then I don't mind as much.

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27 minutes ago, JuranBoldenRules said:

It's absurd that a professional league penalizes the teams that win with more costs.  Playoffs should be a league cost entirely.

The CFL has a schedule to cover team expenses. A prescribed number of players and football ops staff that normally are road game staff, not the home game extra staff, It does not include taking PR players, injured players, management, scouting staff, office staff, board members and any expenses that are not considered required. If you win merchandise sales help cover off some of that expense. Go and lose and you are hooped.

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As a alternate, on 1290 radio yesterday, it was reported that every week that the NFL misses a game, it costs 48 million dollars, so you can bet they will be up and running as soon as humanly possible.

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